medium · Financial Accounting assets
On January 1, a company determines that a machine originally estimated to last 10 years will now only be useful for a total of 7 years. The machine cost $70,000 with no salvage value and has been depreciated for 3 years using the straight-line method.
What is the depreciation expense for the 4th year?
- $12,250
- $16,333
- $10,000
- $7,000
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