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What depreciation expense each year using the straight-line

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Problem 1: Equipment was purchased for $15,000. Freight charges amounted to $700 and there was a cost of $2,000 for building a foundation and installing the equipment. It is estimated that the equipment will have a $3,000 residual value at the end of its 5-year useful life. Depreciation expense each year using the straight-line method will be

1. $3,940
2. $3,340
3. $2,800
4. $2,860

Reference no: EM132733206

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