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What is the depreciation of the machinery

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Question - On January 1, 2016, ABC Company purchased machinery for 4,000,000. On the date of installation, it was estimated that the machinery has a 10-year useful life and 400,000 residual value. At the beginning of 2020, Festival revised its useful life to 8 year from acquisition date and increased the residual value by 60,000. What is the depreciation of the machinery in 2020?

Reference no: EM133028830

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