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A business purchases equipment for $20,000 on 1/2/20 (useful life of 5 years and no salvage value).The business has a choice between using the straight-line

A business purchases equipment for $20,000 on 1/2/20 (useful life of 5 years and no salvage value).The business has a choice between using the straight-line method of depreciation or the double declining balance method of depreciation.What is the effect in 2020 on the income statement and balance sheet if the business uses the double declining balance method instead of the straight-line method?

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