Question: 1) SMITH HAS THE FOLLOWING INFORMATION REGARDING A MACHINE: - PLACED IN SERVICE JANUARY 1ST, 2019 -COST - SALVAGE VALUE -LIFE (YEARS) -STRAIGHT-LINE 160,000

1) SMITH HAS THE FOLLOWING INFORMATION REGARDING A MACHINE: - PLACED IN

1) SMITH HAS THE FOLLOWING INFORMATION REGARDING A MACHINE: - PLACED IN SERVICE JANUARY 1ST, 2019 -COST - SALVAGE VALUE -LIFE (YEARS) -STRAIGHT-LINE 160,000 8,000 REQUIRED: WHAT IS THE ANNUAL AMOUNT OF DEPRECIATION EXPENSE SMITH RECORDS ON THIS MACHINE? REQUIRED: WHAT IS THE CORRECT AMOUNT OF ACCUMULATED DEPRECIATION ON THE MACHINE AT 12/31/21?

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