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Millco, Inc., acquired a machine that cost $544,000 early in 2016. The machine is expected to...

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Accounting

Millco, Inc., acquired a machine that cost $544,000 early in2016. The machine is expected to last for eighth years, and itsestimated salvage value at the end of its life is $75,000.Required:

a. Using straight-line depreciation, calculate the depreciationexpense to be recognized in the first year of the machine's lifeand calculate the accumulated depreciation after the fifth year ofthe machine's life. Depreciation expense Accumulateddepreciation

b. Using declining-balance depreciation at twice thestraight-line rate, calculate the depreciation expense for thethird year of the machine's life.

c. What will be the net book value of the machine at the end ofits eighth year of use before it is disposed of, under eachdepreciation method? Straight-line depreciation Declining-balancedepreciation

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