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A company purchased factory equipment for $700,000. It is estimated that the equipment will have...

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Accounting

A company purchased factory equipment for $700,000. It is estimated that the equipment will have a $70,000 salvage value at the end of its estimated 5-year useful life. If the company uses the double-declining-balance method of depreciation, the amount of annual depreciation recorded for the second year after purchase would be:

$280,000.

$168,000.

$252,000.

$120,960.

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