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Meca concrete purchased a mixer on january 1 for a cost of

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Meca Concrete purchased a mixer on January 1 for a cost of $45,000. Straight-line depreciation was used for years one and two based on an estimated eight-year life and $3,000 estimated residual value. In the third year of use, Meca revised its estimate and now believes the mixer will have a total service life of only six years, and that the residual value will be only $2,000.

Reference no: EM13590115

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