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Kenartha Oil recently paid $500,400 for equipment that will last five years and have a...

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Accounting

Kenartha Oil recently paid $500,400 for equipment that will last five years and have a residual value of $125,000. By using the machine in its operations for five years, the company expects to earn $191,000 annually, after deducting all expenses except depreciation. Complete the schedule below assuming each of (a) straight-line depreciation and (b) double-declining-balance depreciation. (Do not round intermediate calculations. Enter loss amounts with a minus sign.)

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