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Assume that Bloomer Company purchased a new machine on January 1, 2012, 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, 2014, Bloomer discovered that the machine would not be useful beyond December 31, 2017, and estimated its value at that time to be $2,000.

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