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Equipment (such as oil and gas producing equipment, mining machinery, or certain general industry equipment)...

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Accounting

Equipment (such as oil and gas producing equipment, mining machinery, or certain general industry equipment) has been purchased and put into service for a $2,000,000 cost. Calculate the MACRS depreciation (200% declining balance switching to straight line), and straight line depreciation per year, for a 7-year depreciation life, with the half year 1 convention applicable for both methods, assuming the equipment is put into service in year 1.

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