A company purchased a piece of equipment for $30,000 on January 1, 2019. Management estimates...
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Accounting
A company purchased a piece of equipment for $30,000 on January 1, 2019. Management estimates residual value of $4,000 and a useful life of five years. It uses the straight-line method of depreciation. Where applicable, it applies the halfyear rule. On January 1, 2021, management estimates the remaining useful life to be four years and the new residual value to be $3,000. What is the annual depreciation expense for 2020 ? $5,250$4,800$5,200$5,550
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