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Leelenaus Sandwiches acquired equipment on April 1, 2024, for $21,500. The company estimates a residual...

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Accounting

Leelenaus Sandwiches acquired equipment on April 1, 2024, for $21,500. The company estimates a residual value of $2,700 and a five-year service life.

Required:

Calculate depreciation expense using the straight-line method for 2024 and 2025, assuming a December 31 year-end.

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