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How find depreciation expense for the year ending december

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Reference no: EM132767349

Problem 1: Corporation acquired equipment on January 1, 2017, for $300,000. The equipment had an estimated useful life of 10 years and an estimated salvage value of $25,000. On January 1, 2020, Corporation revised the total useful life of the equipment to 5 more years and the estimated salvage value to be $10,000. Compute depreciation expense for the year ending December 31, 2020, if Corporation uses straight-line depreciation.

Select one:

A. $43,500
B. $38,500
C. $25,938
D. $41,500

Reference no: EM132767349

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