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What amount should smith industries record for depreciation

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Question - Smith Industries took delivery of a machine costing $10,000 on 1 January 2015. Smith used straight-line depreciation and estimated that the machine would have a life of five years and a residual value of $2000. After using the machine for two years, Smith realised that it would probably have zero residual value. What amount should Smith Industries record for depreciation on this machine for the year ended 31 December 2017?

Reference no: EM132011120

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