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On January $1,$ Year $2,$ LCJ Rental Cars purchased a car that is to be used to produce rental income. The

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car cost $$35,000.$ It has an expected useful life of five years and a $$5,000$ salvage value. The car produced

rental income of $$9,000$ per year throughout its useful life. Assume LCJ started the Year $2$ accounting

period with a beginning cash balance of $$40,000.$

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