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Calculate depreciation expense and accumulated depreciation

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Reference no: EM133129058

Question - Change in Estimate - Assume that Bloomer Company purchased a new machine on January 1, 2017, for $98,600. The machine has an estimated useful life of nine years and a residual value of $9,860. Bloomer has chosen to use the straight-line method of depreciation. On January 1, 2019, Bloomer discovered that the machine would not be useful beyond December 31, 2022, and estimated its value at that time to be $2,400.

Required - Calculate the depreciation expense, accumulated depreciation, and book value of the asset for each year 2017 to 2022. If necessary, round any depreciation calculations to the nearest dollar.

Reference no: EM133129058

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