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Rainier Corporation purchased five automobiles at the beginning of 2019 for a total cost of...

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Accounting

Rainier Corporation purchased five automobiles at the beginning of 2019 for a total cost of $125,000. Rainier Corporation estimates the total residual value of the five automobiles to be $25,000 and their estimated useful life at 5 years. Use the double-diminishing-balance method to calculate the depreciation expense for 2020

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