Problem: JJ Corporation purchased a machine on July 1, 2010 for $750,000. The machine was estimated to have a useful life of 10 years with a salvage value of $46,000 and uses the sum-of-years digits method to depreciate this class of equipment. During 2013, it became apparent that the machine would become uneconomical to operate after December 31, 2016, and that the machine would have no scrap value.
What amount should be reported for Depreciation Expense as of December 31, 2013?
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