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  3. p purchased a machine on january 1, 2028 for $1477

P purchased a machine on January 1, 2028 for $14779 At the time of purchase,...

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Accounting

  • P purchased a machine on January 1, 2028 for $14779
  • At the time of purchase, the machine was expected to have a useful life of 14 years and a residual value of $1478
  • P uses straight-line depreciation
  • At the beginning of 2035, P estimated the machine had a remaining useful life of 12 years with no residual value.
  • Determine the following amounts
    • The depreciation expense for the year ending December 31, 2028:
    • The carrying value of the machine on January 1, 2035:
    • The depreciation expense for the year ending December 31, 2035:
    • The carrying value of the machine on December 31, 2035:

Please answer as soon as you can. Thank you!

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