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Tom Corporation purchased machinery on January 1, 2012 for $630,000. The company used the sum-of-the-years-digits method and no salvage value to depreciate the asset for
Tom Corporation purchased machinery on January 1, 2012 for $630,000. The company used the sum-of-the-years-digits method and no salvage value to depreciate the asset for the first two years of its estimated six-year life. On January 1 2013, Tom changed to the straight-line depreciation method for this asset. The amount that Tom should report for depreciation expense on its 2013 income statement is?
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