On January 1,2020,Bailey Company purchased a machine for $106,000 that was expected to last five years and has a residual value of $6,000.At the beginning of 2023,Bailey decided that the machine's estimated useful life should be revised to a total of 6 years instead of 5.Also,the residual value was now estimated to be $5,500.Straight-line depreciation was used.Calculate the depreciation expense for 2023.

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The Answer of On January 1,2020,Bailey Company purchased a machine for $106,000 that was expected to last five years and has a residual value of $6,000.At the beginning of 2023,Bailey decided that the machine's estimated useful life should be revised to a total of 6 years instead of 5.Also,the residual value was now estimated to be $5,500.Straight-line depreciation was used.Calculate the depreciation expense for 2023.

On January 1,2020,Bailey Company Purchased a Machine for $106,000 That