Portland Corporation purchased a machine on July 1, 2007, for $250,000.The machine was estimated to have a useful life of 10 years with an estimated residual value of $14,000.During 2010, it became apparent that the machine would become uneconomical after December 31, 2014, and that the machine would have no scrap value.Accumulated depreciation on this machine as of December 31, 2009, was $59,000.What should be the
Charge for depreciation in 2010 under current GAAP?

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The Answer of Portland Corporation purchased a machine on July 1, 2007, for $250,000.The machine was estimated to have a useful life of 10 years with an estimated residual value of $14,000.During 2010, it became apparent that the machine would become uneconomical after December 31, 2014, and that the machine would have no scrap value.Accumulated depreciation on this machine as of December 31, 2009, was $59,000.What should be the
Charge for depreciation in 2010 under current GAAP?

Portland Corporation Purchased a Machine on July 1, 2007, for $250,000.The