Current Attempt in Progress -112 Crane Company purchased a new machine on October 1, 2024,...
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Current Attempt in Progress -112 Crane Company purchased a new machine on October 1, 2024, at a cost of $162,000. The company estimated that the machine will have a residual value of $12,300. The machine is expected to be used for 10,000 working hours during its 5-year life. Crane Company's year-end is December 31. (a) Calculate the depreciation expense under the straight-line method for 2024. (Round to the nearest whole month.) 2024 Depreciation expense Compute the depreciation expense under the diminishing-balance method using double the straight-line rate for 2024 and 2025
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