Question: Problems (18 points each) Example Company purchased a machine on January 2, 2018. The total cost of the purchase was $210,000. The machine has an

Problems (18 points each)

  1. Example Company purchased a machine on January 2, 2018. The total cost of the purchase was $210,000. The machine has an estimated salvage value of $21,000 and an estimated useful life of 7 years. In June of 2019, the company spent $9,000 to replace the gasoline-powered engine with an electric engine; this changed the estimate of the machines total useful life to 10 years. Depreciation for 2018 was recorded before the overhaul. Show calculations for the annual straight-line depreciation amounts for this asset for 2018 through 2021.

Data is on tab P 1 in the spreadsheet

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