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On January 2, Year 1, Gonzales Company purchased equipment costing $72,000. The equipment has an estimated salvage value of $10,440 and an estimated useful life of 12 years.
Required:
Problem 1. Compute depreciation expense for Year 5.
Problem 2. Compute the book value of the equipment at the end of Year 5.
1. Depreciation expense for Year 5:$
2. Book value at the end of Year 5:$
The cost is 80 percent of sales price, what are the average accounts receivable balance and the average investment in accounts receivable?
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