Gant Co. purchased a machine on July 1, 2001, for $500,000. The machine has an estimated...

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Gant Co. purchased a machine on July 1, 2001, for $500,000. The machine has an estimated useful life of five years and a salvage value of $100,000. The machine is being depreciated from the date of acquisition by the 150% declining balance method. For the year ended December 31, 2001, Gant should record depreciation expense on this machine of S.5 Gant Co. purchased a machine on July 1, 2001, for $500,000. The machine has an estimated useful life of five years and a salvage value of $100,000. The machine is being depreciated from the date of acquisition by the 150% declining balance method. For the year ended December 31, 2001, Gant should record depreciation expense on this machine of S.5