Odyssey Ltd. purchased machinery on January 1, 2017, for $60,000. The machinery is estimated to have a

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Odyssey Ltd. purchased machinery on January 1, 2017, 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 2017 depreciation expense using the straight- line method.

(b) Calculate the 2017 depreciation expense using the straight-line method, but assuming the machinery was purchased on September 1, 2017.

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Intermediate Accounting

ISBN: 978-1119048534

11th Canadian edition Volume 1

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Nicola M. Young, Irene M. Wiecek, Bruce J. McConomy

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