Panther products bought a machine at a total cost of 105, Financial Accounting

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Panther products bought a machine at a total cost of 105

Panther Products bought a machine at a total cost of $105 million at the beginning of 2000. The machine was being depreciated over a 10-year life with a $5 million residual value. The balance in Accumulated Depreciation for this asset was $30 million at the end of 2002. On 1/1/2003 Panther determined the total useful life should only be a total of 6 years with no residual value. What depreciation expense will be recorded in 2003?

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Financial Accounting: Panther products bought a machine at a total cost of 105

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Financial Accounting: Panther products bought a machine at a total cost of 105

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