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Toyota Motor Corporation purchases machinery for $250,000 on January 1, 2024. The machinery has a useful life of 10 years and a salvage value of
ยทToyota Motor Corporation purchases machinery for $250,000 on January 1, 2024. The machinery has a useful life of 10 years and a salvage value of $25,000. Calculate the depreciation expense for the first five years using the double-declining balance method. Then, determine the book value of the machinery at the end of year 5.
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