Question: Problems (18 points each) 1. Elppa Company purchased a machine on January 2, 2020. The total cost of the purchase was $475,000. The machine

Problems (18 points each) 1. Elppa Company purchased a machine on January 2, 2020. The total cost of the purchase was $475,000. The machine

Problems (18 points each) 1. Elppa Company purchased a machine on January 2, 2020. The total cost of the purchase was $475,000. The machine has an estimated salvage value of $25,000 and an estimated useful life of 9 years. In June of 2021, the company spent $19,000 to replace the gasoline-powered engine with an electric engine; this changed the estimate of the machine's total useful life to 13 years. Depreciation for 2020 was recorded before the overhaul. Show calculations for the annual straight-line depreciation amounts for this asset for 2020 through 2023. Data is on tab "P 1" in the spreadsheet.

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