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A company purchased a delivery van for $21,500 with a salvage value of $3,500 on October 1, Year 1. It has an estimated useful life

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A company purchased a delivery van for $21,500 with a salvage value of $3,500 on October 1, Year 1. It has an estimated useful life of 4 years. Using the straight-line method, how much depreciation expense should the company recognize on December 31, Year 1? Multiple Choice $425 $1792 O $5.375 54500 594

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