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Question
machinery was purchased for $85,000 on january 1, 2011. freight charges amounted to $3,500 and there was a cost of $10,000 for building a foundation and installing the machinery. it is estimated that the machinery will have a $15,000 salvage value at the end of its 5-year useful life. what is the amount of accumulated depreciation at december 31, 2012, if the straight-line method of depreciation is used?
a.$33,400
b.$16,700
c.$14,300
d.$28,600
Answer
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