On April 30​, 2023​, Foley Distribution Service purchased a copy machine for $53,400. Foley Distribution Service expects the machine to last for six years and to have a residual value of $3,000. Compute depreciation expense on the machine for the year ended December​ 31, 2023​, using the​ straight-line method.   Begin by selecting the formula to calculate the​ company's depreciation expense on the machine for the year ended December​ 31, 2023. Then enter the amounts and calculate the depreciation expense. ​(Abbreviation used: Acc.​ = accumulated. Do not round intermediary calculations. Only round the amount you input for​ straight-line depreciation to the nearest​ dollar.)                     Straight-line [(   -   ) ÷   ] × (   ÷ 12 ) = depreciation

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A:

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A: Please see the next step for the solution

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A:

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A: Following is the answer to the given question

Depreciation Methods

The word "depreciation" is defined as an accounting method wherein the cost of tangible assets is spread over its useful life and it usually denotes how much of the assets value has been used up. The depreciation is usually considered as an operating expense. The main reason behind depreciation includes wear and tear of the assets, obsolescence etc.

Depreciation Accounting

In terms of accounting, with the passage of time the value of a fixed asset (like machinery, plants, furniture etc.) goes down over a specific period of time is known as depreciation. Now, the question comes in your mind, why the value of the fixed asset reduces over time.