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(###3)No chat gpt answers & don't copy from chegg or else I'll give 5 downvotes...

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Accounting

(###3)No chat gpt answers & don't copy from chegg or else I'll give 5 downvotes
Partial Year Depreciation:
An asset costing $120,000 with a useful life of 5 years and a salvage value of $20,000 is purchased on July 1st.
Calculate the first year's depreciation expense using the straight-line method.

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