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Akron Incorporated purchased an asset on September 1 of Year 1 for $375,000. The estimated...

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Accounting

Akron Incorporated purchased an asset on September 1 of Year 1 for $375,000. The estimated residual value is $15,000. Akron estimates that the asset has a service life of 5 years. Calculate the depreciation for Year 1 using the sum-of-the-years'-digits method. $ Calculate the depreciation for Year 2 using the sum-of-the-years'-digits method.

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