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On January 1,2022, Woodstock, Incorporated purchased a machine costing $36,750. Woodstock also paid $1,250 for...

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Accounting

On January 1,2022, Woodstock, Incorporated purchased a machine costing $36,750. Woodstock also paid $1,250 for transportation and installation. The expected useful life of the machine is 5 years and the residual value is $5,500.
How much is the annual depreciation expense, assuming use of the straight-line depreciation method?
Multiple Choice
$7,600.
$5,208.
$6,500.
$7,350.

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