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Sheridan Company purchased a piece of equipment for $73,900. It estimated an 8 -year life,and...

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Sheridan Company purchased a piece of equipment for $73,900. It estimated an 8 -year life,and $3,500 salvage value. At the end of year four (before the depreciation adjustment), it estimated the new total life to be 10 years and the new salvage value to be $5,500. Compute the revised depreciation assuming Sheridan uses the straight-line method. Revised annual depreciation $

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