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What will be the depreciation expense for the years

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Question - A company purchases equipment for $50,000 on July 1, 2020. It estimates that the equipment will have a salvage value of $3,500 and its useful life will be 8 years. Assuming that the company's accounting year ends on December 31 of each year, what will be the Depreciation Expense for the years 2020 and 2021 assuming straight-line depreciation? Show calculations. List the 4 important factors required to calculate depreciation.

Reference no: EM133005755

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