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ABC Company purchased equipment for $60,000 on January 1, 2018. The estimated useful life of the equipment is 5 years, with a residual value of

ABC Company purchased equipment for $60,000 on January 1, 2018. The estimated useful life of the equipment is 5 years, with a residual value of $5,000 at the end of five years.

Using the straight-line method, depreciation expense for 2019 and the book value at December 31, 2019 would be:

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