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What is the depreciation of the machine

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Reference no: EM133063090

Question - Panama Company purchased a machine on March 15, 2018.

The related data is as follows:

Cost 3,000,000

Estimated useful life 10 years

Estimated residual life 150,000

The entity uses the straight-line method.

On Jan. 1, 2020, after a quality improvement review, the entity determined the following: New estimated useful life 12 years.

New estimated residual value 100,250. What is the depreciation of the machine in 2020?

Reference no: EM133063090

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