An asset was purchased for $400,000. It had an estimated salvage value of $80,000 and...

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Accounting

An asset was purchased for $400,000. It had an estimated salvage value of $80,000 and an estimated useful life of 10 years. After 4 years of use, the estimated salvage value is revised to $64,000 but the estimated useful life is unchanged. Assuming straight-line depreciation, depreciation expense in Year 5 would be
$56,000.
$32,000.
$33,600.
$34,667.
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