Question: SMITH HAS THE FOLLOWING INFORMATION REGARDING A MACHINE: - PLACED IN SERVICE JANUARY 1ST, 2017 COST 144,000 SALVAGE VALUE 30,000 8 - LIFE (YEARS) STRAIGHT-LINE

SMITH HAS THE FOLLOWING INFORMATION REGARDING A MACHINE: - PLACED IN SERVICE JANUARY 1ST, 2017 COST 144,000 SALVAGE VALUE 30,000 8 - LIFE (YEARS) STRAIGHT-LINE REQUIRED: WHAT IS THE ANNUAL AMOUNT OF DEPRECIATION EXPENSE SMITH RECORDS ON THIS MACHINE? (5 POINTS) REQUIRED: WHAT IS THE CORRECT AMOUNT OF ACCUMULATED DEPRECIATION ON THE MACHINE AT 12/31/20? (5 POINTS)

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