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Calculate depreciation expense on the income statement

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Reference no: EM132726221

Problem 1: On January 1, Year 1, Florist Gump, Inc., bought machinery at a cost of $3,000 with a salvage value of $400 and useful life of 5 years. Calculate Depreciation Expense on the income statement for December 31, Year 2, assuming the straight-line method is used.

Reference no: EM132726221

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