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119. Laurey's Pet Emporium purchased equipment on January 1 for $35,000. The equipment will be used for five years, after which the estimated residual value

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119. Laurey's Pet Emporium purchased equipment on January 1 for $35,000. The equipment will be used for five years, after which the estimated residual value will be $2,000. Using straight- line depreciation, what is the depreciation expense for the first year of the asset's life? A. $4,000 B. $5,600 g $6,600 D. $7,000 E. $7,400

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