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Calculate the depreciation expense for the machine

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On January 2, 2014, Far Co. purchased a machine for $525,000. The company expects the machine to last for 10 years or 50,000 hours of operation, with an estimated residual value of $15,000. During 2014 the machine was operated for 3,000 hours, while in 2015 it was operated for 2,600 hours.

Problem 1: Calculate the depreciation expense for the machine for 2014 and 2015 using the following depreciation methods:

(a) Straight-line.
(b) Double-declining-balance.

Reference no: EM132953549

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