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Worthington Company purchased a machine on January 1, 2008, for $3,600,000. At the date of acquisition, the machine had an estimated useful life of six years with no salvage. The machine is being depreciated on a straight-line basis. On January 1, 2011, Worthington determined, as a result of additional information, that the machine had an estimated useful life of eight years from the date of acquisition with no salvage. An accounting change was made to reflect this additional information. What amount of depreciation expense should be reported in Worthington's income statement for the year ended December 31, 2011?
a. $600,000
b. $450,000
c. $360,000
d. $225,000
For the following four cases, use the expanded accounting equation to compute the missing quantity.
The directors declare a 10% stock dividend when the market value is $15. The reduction of retained earnings as a result of the declaration will be:
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Prepare a statement of cash flows using the direct method. (Do not prepare a reconciliation schedule.)
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