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Business, 25.11.2021 14:00 Zaynt

Universal Semiconductors switched from the double-declining-balance depreciation method to straight-line depreciation in 2021. The change affects its precision equipment that was purchased at the beginning of 2019 at a cost of $50 million. The machinery has an expected useful life of ten years and an estimated residual value of $8 million. Required: Prepare the appropriate entry to record depreciation in 2021.

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