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On November 7, Year 1, Gonzalez Company purchased equipment costing $29,500. The equipment has an...

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Accounting

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On November 7, Year 1, Gonzalez Company purchased equipment costing $29,500. The equipment has an estimated salvage value of $3,670 and an estimated useful life of 7 years. Gonzalez Company calculates depreciation to the nearest month. Required: Compute the depreciation expense (to the nearest month) for Year 1 and Year 2 using the straight-line method

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