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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 is NOT 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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