Question: On January 1, 2017 Coco Co. purchased a machine for $1,320,000 and depreciated it by the straight-line method using an estimated useful life of eight

On January 1, 2017 Coco Co. purchased a machine for $1,320,000 and depreciated it by the straight-line method using an estimated useful life of eight years with no salvage value. On January 1, 2020, Coco Co. determined that the machine had a useful life of 6 years from the date of acquisition and will have a salvage value of $114,000. An accounting change was made in 2020 to reflect these additional data. The accumulated depreciation for this machine should have a balance at December 31, 2019 of 850,500

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