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Equipment with a cost of $85,000 has an estimated salvage value of $7,000 and an...

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Accounting

Equipment with a cost of $85,000 has an estimated salvage value of $7,000 and an estimated life of 6 years. Compute the annual depreciation and then show what this asset looks like on the balance sheet at the end of the second year (prepare a partial classified balance sheet showing the asset, accumulated depreciation, and book value).

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