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| Lydd Co purchases production machinery costing $100,000 and having an estimated useful life of 20 years and a residual value of $2,000. After being in use for 6 years the remaining useful life of the machinery is revised and estimated to be 25 years, with an unchanged residual value. Lydd Co calculates depreciation on the machinery using the straight line method. What is the annual depreciation charge on the machinery in year 7? |