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Platinum Corporation purchased machinery on January

Platinum Corporation purchased machinery on January 1, 2007 at a cost of $160,000. The machinery has an estimated useful life of 10 years and $30,000 residual value. Platinum's income, before depreciation and income taxes, for 2007 was $300,000. If  Stone hasa 40% income tax rate, determine the amount of income tax expenseand net income it will report, using the

a.

straight-line method

b.

double declining balance method

May 02 2018 View more View Less

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