Chris depreciates the tractor using straight line method

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Chris purchases a new tractor for $50,000. The expected life of the tractor is 3 years. He reckons that he can sell the tractor for $5,000 when he stops farming in 3 years. His farm’s tax rate is 34%. What is the yearly depreciation expense if Chris depreciates the tractor using the straight line method? (Do not include dollar signs or commas in your answers)

Reference no: EM131323884

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