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Calculate depreciation expense

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Question - Carpenters, Inc., a manufacturing company, acquired equipment on January 1, 2017 for 530,000 €. Estimated useful life of the equipment was seven years and the estimated residual value was 14,000 €. On January 1, 2020, after using the equipment for three years, the residual value has been revised to 18,000 €. The company uses the straight-line method of depreciation. Calculate depreciation expense for 2020.

Reference no: EM133110449

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