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Colvin Enterprises purchased a depreciable asset on October 1, Year 1 at a cost of...

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Accounting

Colvin Enterprises purchased a depreciable asset on October 1, Year 1 at a cost of $140,000. The asset is expected to have a salvage value of $16,000 at the end of its five-year useful life. If the asset is depreciated on the double-declining-balance method, the asset's book value on December 31, Year 2 will be:

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