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John Deere is an American manufacturer of agricultura construction, and forestry machinery John Deere purchased equipment for $60,000 on January 1.2021. The equipment is expected to have a five year service life, with a residual value of $5,000 at the end of five years. Using the straight line method, depreciation expense for 2021 would be Multiple Choice $12.000 $60,000 $11,000 None of these