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Calculate annual depreciation expense

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Question - Equipment was purchased for $25,000. Freight charges amounted to $700 and there was a cost of $3,000 for building a foundation and installing the equipment. It is estimated that the equipment will have a $1,600 residual value at the end of its 5-year useful life. Using the straight-line method, annual depreciation expense will be

$4,540.

$5,740.

$4,680.

$5,420.

Reference no: EM132435925

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