On January 1, 2017, Pond Company purchased a machine for $1,320,000 and depreciated it by...
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Accounting
On January 1, 2017, Pond Company purchased a machine for $1,320,000 and depreciated it by the straight-line method using an estimated useful life of eight years and a $125,000 salvage value. On January 1, 2020, Pond determined that the machine had a useful life of twelve years from the date of acquisition and will have a salvage value of $106,875. An accounting change was made in 2020 to reflect this updated information. Required: Determine the following amounts: 2020 Depreciation Expense: $ Accumulated Depreciation at December 31, 2020: $ Book Value at December 31, 2020: $_
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