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On January 1, 2004, Carnival Shipping bought a machine for $1,500,000. At that time,
this machine had an estimated useful life of six years, with no salvage value. As a result of
additional information, Carnival determined on January 1, 2007, that the machine had an
estimated useful life of eight years from the date it was acquired, with no salvage value.
Accordingly, the appropriate accounting change was made in 2007. How much depreciation
expense for this machine should Carnival record for the year ended December 31, 2007,
assuming Carnival uses the straight-line method of depreciation?
I'm thinking next:
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