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On January 1, 2021, THE Company purchased a piece of equipment that cost $160,000. The...

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Accounting

On January 1, 2021, THE Company purchased a piece of equipment that cost $160,000. The equipment had a ten year life and a $20,000 salvage value assigned to it. THE Company will depreciate the equipment using the straight-line depreciation method. On January 1, 2025, THE Company determined the life of the equipment should be revised from 10 to 16 years. Calculate the depreciation expense recorded on the equipment for 2025.

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