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A company purchases equipment for $75,000 on January 1.It has an estimed residual value of $3,400 and an estimated useful life of 5 years.The company

A company purchases equipment for $75,000 on January 1.It has an estimed residual value of $3,400 and an estimated useful life of 5 years.The company uses the declining balance method of depreciation.Determine the amount of depreciation expense for the FIFTH year.

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