Lugo & Associates purchased machinery on January 4, 2013, for $438,000. The straight-line method is...
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Lugo & Associates purchased machinery on January 4, 2013, for $438,000. The straight-line method is used, and useful life is estimated to be 12 years with a $42,000 salvage value. At the beginning of 2019, Lugo spent $118,000 to overhaul the machinery. After the overhaul, Lugo estimated that the useful life would be extended 6 years (18 years total), and the salvage value would be $60,000. The depreciation expense for 2019 should be
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