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Please provide detailed description Numo Company purchased a new machine on October 1, 2020,...

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Accounting

Please provide detailed description

Numo Company purchased a new machine on October 1, 2020, at a cost of $145,000. The company estimated that the machine will have a salvage value of $25,000.The machine is expected to be used for 20,000 working hours during its 5-year life.

Instructions Compute the depreciation expense under the following methods for the year indicated. a. Straight-line for 2020. b. Units-of-activity for 2020, assuming machine usage was 3,400 hours. c. Declining-balance using double the straight-line rate for 2020 and 2021.

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