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Calculate the annual depreciation

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Reference no: EM132451511

Problem - Stine Company purchased machinery with a list price of $64,000. They were given a 10% discount by the manufacturer. They paid $400 for shipping and sales tax of $3,000. Stine estimates that the machinery will have a useful life of 10 years and a residual value of $20,000. If Stine uses straight-line depreciation, calculate the annual depreciation?

Reference no: EM132451511

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