Odyssey Ltd purchased machinery on January 1 2014 for 60 000
Odyssey Ltd. purchased machinery on January 1, 2014, for $60,000. The machinery is estimated to have a residual value of $6,000 after a useful life of eight years.
(a) Calculate the 2014 depreciation expense using the straight-line method.
(b) Calculate the 2014 depreciation expense using the straight-line method, but assuming the machinery was purchased on September 1, 2014.
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