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On Jan 1, 2022 Crane Corp acquired machinery for $1710000. Crane adopted teh straight-line method of depreciation for this machine and had been recording depreciation over an estimated life of 10 years with no residual value. At the beginning of 2025 a decision was made to change to double-declining balance method of depreciation for this machine. Assuming the tax rate is 20% the cumulative effect of this accounting change on beginning Retained Earnings is?
Sagot :
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