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Problem: Cycle Inc. purchased equipment that will help diagnose problems with engines. The equipment cost $210,000 on January 1, 2017 and a residual value of $10,000 was anticipated, with a useful life of 5 years. In 2014, Cycle Inc. has a gross profit of $400,000 and operating expenses of $180,000.
Cycle Inc. has a tax rate of 35%.
Required:
Question 1: Compute the Depreciation Expense for 2017 under both the straight-line and double-declining balance depreciation methods.
Question 2: What is the net cash saved if the accelerated depreciation method is used in 2017?
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