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A company reported the following on its December 31, 2024, balance sheet: Equipment (at cost) $700,000 A disclosure note indicates that the company uses straight-line

A company reported the following on its December 31, 2024, balance sheet:

Equipment (at cost) $700,000

A disclosure note indicates that the company uses straight-line depreciation over five years and estimates salvage value as 10% of cost. The equipment averages 3.5 years on December 31, 2024. What is the book value of the equipment on December 31, 2024?

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