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Cutter Enterprises purchased equipment for $75,000 on January 1, 2016. The equipment is expected to...

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Accounting

Cutter Enterprises purchased equipment for $75,000 on January 1, 2016. The equipment is expected to have a five-year life and a residual value of $5,400.

Using the straight-line method, depreciation for 2017 and the equipment's book value at December 31, 2017, would be:

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