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Crane Company purchased a computer for $8,080 on January 1, 2019. Straight-line depreciation is used,...

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Accounting

Crane Company purchased a computer for $8,080 on January 1, 2019. Straight-line depreciation is used, based on a 5-year life and a $1,010 salvage value. On January 1, 2021, the estimates are revised. Crane now feels the computer will be used until December 31, 2022, when it can be sold for $505. Compute the 2021 depreciation.

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