Cutter Enterprises purchased equipment for $66,000 on January 1, 2021. The equipment is expected to...
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Accounting
Cutter Enterprises purchased equipment for $66,000 on January 1, 2021. The equipment is expected to have a five-year life and a residual value of $6,000. Using the sum-of-the-years'-digits method, depreciation for 2022 and book value at December 31, 2022, would be: (Do not round depreciation rate per year)
Multiple Choice
$16,000 and $24,000 respectively.
$16,000 and $30,000 respectively.
$17,600 and $20,400 respectively.
$17,600 and $26,400 respectively.
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