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Flounder Company purchased machinery on January 1, 2017, for $88,800. The machinery is estimated to have...

Flounder Company purchased machinery on January 1, 2017, for $88,800. The machinery is estimated to have a salvage value of $8,880 after a useful life of 8 years.

Compute 2017 depreciation expense using the straight-line method.
Depreciation expense $

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Compute 2017 depreciation expense using the straight-line method assuming the machinery was purchased on September 1, 2017.
Depreciation expense $

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Answer #1

Depreciation expense = (Cost - Salvage value) / Useful life

(1) Depreciation expense = ($88,800 - $8,880) / 8 = $9,990

(2) Depreciation expense = [($88,800 - $8,880) / 8] × 4/12 = $3,330

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