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On 1/1/21, Shannon Co. purchased a machine at a cost of $22,000. At that time,...

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Accounting

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On 1/1/21, Shannon Co. purchased a machine at a cost of $22,000. At that time, its estimated life was 7 years with $1,000 salvage value. At the start of the fifth year, the company spent $3,000 to add two years to the original life of the machine. Assuming straight-line depreciation, calculate the depreciation expense for the fifth year

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