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Assume Planet Communications purchased a new piece of equipment on January 1, 2016 that cost $50,000. The estimated useful life is 5 years and estimated

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Assume Planet Communications purchased a new piece of equipment on January 1, 2016 that cost $50,000. The estimated useful life is 5 years and estimated residual value is $5,000. If Planet uses the double-declining-balance method, what is depreciation for 2017? $10, 800 $12,000 $20,000 $32,000

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