Marcus Photography purchased photographic equipment for $110,000. The equipment was to be used for ten...
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Accounting
Marcus Photography purchased photographic equipment for $110,000. The equipment was to be used for ten years and had a $10,000 estimated residual value. After the company took four years of straight-line depreciation, it decided that the equipment would instead have a $6,000 residual value and an estimated useful life of 12 years. Calculate depreciation expense that should be recorded in year 5. (Show your work)
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