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XYZ Company purchased a new machine on January 1, 2021 for $80,000. The machine was...

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Accounting

XYZ Company purchased a new machine on January 1, 2021 for $80,000. The machine was assigned a 10-year life and a $5,000 residual value. XYZ Company will depreciate the machine using the double-declining balance depreciation method. Calculate the amount of accumulated depreciation related to the new machine that would appear in XYZ Company's December 31, 2024 balance sheet.

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