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On January 1 of Year 1, Keefe Corporation purchased equipment at a cost of $100,000....

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Accounting

On January 1 of Year 1, Keefe Corporation purchased equipment at a cost of $100,000. The equipment has a fiveyear life and no salvage value. The depreciation schedule for GAAP and tax purposes follows.
\table[[Year,GAAP Depreciation,Tax Depreciation],[Year 1dotsdotsdotsdotsdotsdots,$20,000,$25,000
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