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As of December 31, 2018 Storen Industries has no fixed assets on its balance sheet. The company is planning an extensive capital investment plan beginning

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As of December 31, 2018 Storen Industries has no fixed assets on its balance sheet. The company is planning an extensive capital investment plan beginning in 2019, which includes spending of $20 million in 2019, $50 million in 2020, $34 million in 2021, $42 million in 2022 and $5 million in 2023. The company is expected to make the investments evenly throughout the year, uses straight line depreciation for accounting purposes, and its assets traditionally have an average useful life of 20 years. On December 31, 2022, the company sold the assets purchased in 2020. What will be the annual depreciation expense in the fiscal year 2023? a) $130.2 million c) $7.5 million e) $4.9 million g) $132.7 milliorn b) $7.4 million d) $5.1 million f) $7.6 million h) None of the above

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