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Calculate the depreciation expense for the year

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Question - Matthew Ltd has a piece of machinery with a cost $400,000. It had a book value of $176,000 was sold for $240,000. Data from the comparative balance sheets is as follows:

 

Dec 31, 2020

Dec 31, 2019

Equipment

$2,880,000

$2,600,000

Accumulated depreciation

$880,000

$760,000

Required - Calculate the depreciation expense for the year 2020.

Reference no: EM133094672

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