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A company purchased an equipment system for $110,000 on January 2. The company expects the equipment to last for five years or 25,000 hours of

A company purchased an equipment system for $110,000 on January 2. The company expects the equipment to last for five years or 25,000 hours of operation, with $10,000 salvage value. During the first year, the equipment was in operation for 8,000 hours. Using the straight-line method calculate the equipment's annual depreciation

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