Ivanhoe Company purchased a new machine on October 1, 2022, at a cost of $68,220. The company estimated that the machine has a salvage value of $6,540. The machine is expected to be used for 70,400 working hours during its 6-year life. Compute the depreciation expense under the straight-line method for 2022 and 2023, assuming a December 31 year-end. (Round answers to 2 decimal places, e.g. 5,275.25.) The depreciation expense under the straight-line method $ eTextbook and Media Save for Later 2022 2023 $

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Ivanhoe Company purchased a new machine on October 1, 2022, at a cost of $68,220. The company estimated that the machine
has a salvage value of $6,540. The machine is expected to be used for 70,400 working hours during its 6-year life.
Compute the depreciation expense under the straight-line method for 2022 and 2023, assuming a December 31 year-end. (Round
answers to 2 decimal places, e.g. 5,275.25.)
The depreciation expense under the straight-line method $
eTextbook and Media
Save for Later
2022
2023
$
Transcribed Image Text:Ivanhoe Company purchased a new machine on October 1, 2022, at a cost of $68,220. The company estimated that the machine has a salvage value of $6,540. The machine is expected to be used for 70,400 working hours during its 6-year life. Compute the depreciation expense under the straight-line method for 2022 and 2023, assuming a December 31 year-end. (Round answers to 2 decimal places, e.g. 5,275.25.) The depreciation expense under the straight-line method $ eTextbook and Media Save for Later 2022 2023 $
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