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An asset has a cost of $65,000, estimated residual value of $15,000 and estimated useful life of 5 years. What is the amount of the

An asset has a cost of $65,000, estimated residual value of $15,000 and estimated useful life of 5 years. What is the amount of the depreciation expense for the first year, assuming the reducing-balance method is used and the annual rate is 30%?

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