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An asset was purchased for $58,000 and originally estimated to have a useful life of...

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Accounting

An asset was purchased for $58,000 and originally estimated to have a useful life of 10 years with a residual value of $3,000. After 2 years of straight-line depreciation, it was determined that the remaining useful life of the asset was only 2 years with a residual value of $2,000

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