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A company purchased new furniture at a cost of $14,000 on September 30. The furniture is estimated to have a useful life of 8 years

A company purchased new furniture at a cost of $14,000 on September 30. The furniture is estimated to have a useful life of 8 years and a salvage value of $2,000. The company uses the straight-line method of depreciation. What is the book value of the furniture on December 31 of the first year?

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