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Steele Inc. purchased a machine for $500,000 on January 1, Year1. The machine has a $20,000 residual value and an estimated life of 20 years. The machine is expected to produce 1,000,000 widgets over its life. Steele prepares annual financial statements at 12/31 each year.
The machine produced 80,000 widgets in Year1, and 130,000 widgets in Year2. What is depreciation expense for Year1 using the units-of- production method?
a. $38,400 b. $80,000 c. $28,800 d. $40,000 e. None of the above
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Your responses must be 3-4 sentences long each and represent "active communication."
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Longview Baskets has in its inventory 2,000 damaged baskets that cost $20,000. The baskets can be sold in their present condition for a total of $12,000, or repaired at a cost of $7,000 and sold for a total of $25,000. What is the opportunity cost of..
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