On January 1, 2013, a company pays $77,000 to purchase office furniture with a zero salvage value.

Question:

On January 1, 2013, a company pays $77,000 to purchase office furniture with a zero salvage value. The furniture's useful life is somewhere between 7 and 10 years. What is the year 2013 straight-line depreciation on the furniture using

(a) a 7-year useful life and

(b) a 10-year useful life?

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