Briggs Corporation, a lawn mowing service, bought a new commercial lawn mower. The mower costs ($ 12,000)

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Briggs Corporation, a lawn mowing service, bought a new commercial lawn mower. The mower costs $\$ 12,000$ and is expected to have a service life of five years. At the end of five years, the lawn mower can be sold for $\$ 2,000$. Briggs has a $30 \%$ tax rate. What is the annual depreciation expense? What is the annual tax savings from depreciation?

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