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Novak Corp. purchased a boardroom table for $16,000. The company planned to keep it for...

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Accounting

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Novak Corp. purchased a boardroom table for $16,000. The company planned to keep it for four years, after which it was expected to be sold for $2,000. (a) Calculate the depreciation expense for each of the first three years under the straight-line method and the double-diminishingbalance method, assuming the table was purchased early in the first month of the first year. (1) Straight-line method. Year 1 \$ Year 2 s Year 35 (2) Double-diminishing-balance method. Year 1 Vear 2$

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