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Assume that Bloomer Company purchased a new machine on January 1, 2010, for $80,000. The machine has an estimated useful life of nine years and a residual value of $8,000. Bloomer has chosen to use the straight-line method of depreciation. On January 1, 2012, Bloomer discovered that the machine would not be useful beyond December 31, 2015, and estimated its value at that time to be $2,000 1. Calculate the depreciation expense, accumulated depreciation, and book value of the asset for each year 2010 to 2015. (Do not enter depreciation or accumulated depreciation as negative amounts; if necessary, round any depreciation calculations to the nearest dollar.).

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9984858

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