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4. Benson Company purchased equipment for $80,000 in 2012. The machinery originally had an estimated life of 10 years and a salvage value of $5,000.

4. Benson Company purchased equipment for $80,000 in 2012. The machinery originally had an estimated life of 10 years and a salvage value of $5,000. Benson used the straight-line depreciation method. In 2016, the estimated life was changed to 8 years. Required: What is the annual depreciation expense for 2016?

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