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A company purchased a piece of equipment on January 1 for $120,000 with an estimated residual value of $10,000 and an estimated useful life of

A company purchased a piece of equipment on January 1 for $120,000 with an estimated residual value of $10,000 and an estimated useful life of 5 years, what is the amount of depreciation expense for the first year of use using the straight-line method of depreciation? $48,000 $22,000 $24,000 $44,000

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