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Calculate the annual depreciation expense

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a. Freeloads Corp. purchased a $350,000 machine on January 1, 2003, with an expected total useful life of 20 years and a salvage value of $30,000. Calculate the annual depreciation expense under the straight-line method.

b. On 1/1/2005 Freeloads Corp. spends $25,000 in a capital improvement to upgrade the machine frame and correspondingly revises the estimate of the residual value to $33,000 and the estimate of total useful life to 27 years. Calculate the straight-line depreciation for 2005.

c. On 2/1/2006 Freeloads Corp. spends $1,000 cash on regular repairs and maintenance of the machine. What's the financial statements effect?

Reference no: EM133176020

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