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Question - Revision of Depreciation - On January 1, 2017, Slade Inc. purchased a machine for $90,000. Slade depreciated the machine with the straight-line depreciation method over a useful life of 10 years, using a residual value of $4,000. At the beginning of 2019, a major overhaul, costing $35,000, was made. After the overhaul, the machine's residual value is estimated to be $2,500, and the machine is expected to have a remaining useful life of 12 years.
Required - Determine the depreciation expense for 2019.
What amount of tuition revenue should the college recognize on February 28? Assume the college prepares monthly financial statements.
Compute the payback period and the discounted payback period that you would communicate to the management
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Compute depreciation for 2018 and 2019 and the book value of the drill press at December 31, 2018 and 2019, assuming the double-declining-balance method is used
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