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What amount will be recorded for depreciation expense

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Question - CIP Company has equipment costing $5,000,000 that it has been depreciating straight line over ten years with no residual value. The equipment has been used and depreciated for two years. In 2020, the company determines the total useful life should be 12 years. Ignore income tax impacts. What amount will be recorded for depreciation expense in 2020?

Reference no: EM133166385

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