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Platinum Corporation purchased machinery on January 1, 2007 at acost of $160,000. The machinery has an estimated useful life of 10years and $30,000 residual value. Platinum's income, before depreciation and income taxes, for 2007 was $300,000. If Stone hasa 40% income tax rate, determine the amount of income tax expense and net income it will report, using the
a. straight-line method
b. double declining balance method
accounting assignmentpart one please provide clear calculations and explanations submit supporting excel file if
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