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Record the depreciation expense

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Question - On January 1, 2020, Bauer Co. had purchased a machine for $60,000. This machine had an estimated service life of eight years and an estimated residual value of $4,000. It has been depreciated by the straight-line method since acquisition. On January 1, 2023, it was determined that the remaining service life for this machine was nine years and that the residual value would be $3,000. Record the depreciation expense for 2023.

Reference no: EM132886546

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