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A plant asset acquired on October 1, 2016, at a cost of $400,000 has an...

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Accounting

A plant asset acquired on October 1, 2016, at a cost of $400,000 has an estimated useful life of 10 years. The salvage value is estimated to be $40,000 at the end of the asset's useful life. Assuming a December 31st year end, calculate the depreciation expense for the years 2016 and 2017 using straight line.

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