On October 1, a machine was purchased for $130,000 with a useful life of 10...
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Accounting
On October 1, a machine was purchased for $130,000 with a useful life of 10 years and a residual value of $10,000. What is the depreciation expense in the year 1 under the straight-line method, assuming a December 31 year-end? HINT: the question isNOT asking for annual depreciation. You need to report depreciation expense for October 1 through December 31.
a. $130,000
b. $3,000
c. $12,000
d. $120,000
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