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On March 2, 2014, Glenn Industries purchased a fleet of automobiles at a cost of...

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Accounting

On March 2, 2014, Glenn Industries purchased a fleet of automobiles at a cost of $550,000. The cars are to be depreciated by the straight-line method over five years with no salvage value. Glen uses the half-year concention to compute depreciation for fractional periods. The book value o the fleet of automobiles at December 31, 2015 will be:

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