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An asset was purchased for $73,000 and originally estimated to have a useful life of 10 years with a residual value of $5,000. After

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An asset was purchased for $73,000 and originally estimated to have a useful life of 10 years with a residual value of $5,000. After two years of straight-line depreciation, it was determined that the remaining useful life of the asset was only 2 years with a residual value of $2,000. a. Determine the amount of the annual depreciation for the first two years. b. Determine the book value at the end of Year 2 c. Determine the depreciation expense for each of the remaining years after revision.

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