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Assume a new tractor is purchased on July 1st, 2019 for $130,000 and given a salvage value of $30,000 and a useful life of 7

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Assume a new tractor is purchased on July 1st, 2019 for $130,000 and given a salvage value of $30,000 and a useful life of 7 years. It is assumed that the tractor will be used 400 hours per year. Year 1 usage however will be 200 hours. What is the annual depreciation for year 2 using the straight-line depreciation method? (Assume you keep records on a calendar year.) $7,143 $250 $14,286 $36

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