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A company purchased equipment for $490,233 which was estimated to have a useful life of 12 years with a salvage value of $10,963 at the

A company purchased equipment for $490,233 which was estimated to have a useful life of 12 years with a salvage value of $10,963 at the end of that time. Depreciation has been recorded for 8 years on a straight-line basis. In 2020, it is determined that the total estimated life should be 16 years with a salvage value of $6,282 at the end of that time. What is the annual depreciation for 2020?

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