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A business acquires an equipment for $120,000 on January 1, 2020. The business plans to use the equipment for five years and the equipment is

A business acquires an equipment for $120,000 on January 1, 2020. The business plans to use the equipment for five years and the equipment is expected to have a residual value of $20,000 at the end of the 5th year. What is the annual depreciation expense if the straight-line depreciation method is to be used?

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