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An asset was purchased for $600,000, has a salvage value of $10,000, and has a...

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Accounting

An asset was purchased for $600,000, has a salvage value of $10,000, and has a useful life of 7 years. If the asset is placed in service on September 1 {the companys fiscal year runs from October 1 to September 30}, what is its sum-of-years depreciation charge for the first year of service? What is the depreciation charge for year two of its useful life using MACRS depreciation and given it is a GDS 3-year property class.

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