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On January 1, 2016, ABC Company purchased equipment for $125,000. The equipment was assigned an...

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Accounting

On January 1, 2016, ABC Company purchased equipment for $125,000. The equipment was assigned an estimated life of 10 years and a residual value of $8,000. On January 1, 2022, ABC Company decided the life of the equipment should be revised from 10 to 14 years. Calculate the depreciation expense recorded on the equipment for 2022 assuming ABC Company uses the straight line depreciation method.

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