On July 1, 2014, Puppy Corp.purchased a machine for $500,000.The machine was estimated to have a useful life of ten years with an estimated residual value of $28,000.During 2017, it became apparent that the machine would become uneconomical after December 31, 2018, and that the machine would have no salvage value.Accumulated depreciation on this machine at December 31, 2016, was $118,000, using the straight-line method.The depreciation expense for 2017 should be

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The Answer of On July 1, 2014, Puppy Corp.purchased a machine for $500,000.The machine was estimated to have a useful life of ten years with an estimated residual value of $28,000.During 2017, it became apparent that the machine would become uneconomical after December 31, 2018, and that the machine would have no salvage value.Accumulated depreciation on this machine at December 31, 2016, was $118,000, using the straight-line method.The depreciation expense for 2017 should be