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A company depreciates its equipment on a straight-line basis over the equipment's useful life of...

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Accounting

A company depreciates its equipment on a straight-line basis over the equipment's useful life of seven years. You are presented with the following information at that company's year-end:
Accumulated depreciation, equipment 20.000
Depreciation expense 5,000
Equipment 35,000
How many years has the company been using this equipment?
Question 11 options:
four years
five years
three years
one year

Answer & Explanation Solved by verified expert
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