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Question: Exeter Consulting purchased equipment for cash of $160,000 on September 3, 2011. The estimated life of the equipment is 10 years but due to technological advances, Exeter expects to replace the equipment in five years when the residual value is estimated to be $40,000. Exeter's year-end is December 31.
Required: Calculate Depreciation for all the years of useful life using
(a) straight line, and
(b) double-declining-balance methods
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