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Axelrod Company has a piece of equipment that was acquired for $600,000. The company estimated a residual (salvage) value of $30,000 at the end of

Axelrod Company has a piece of equipment that was acquired for $600,000. The company estimated a residual (salvage) value of $30,000 at the end of its 10-year life. For each of 7 years, the company recorded Depreciation Expense using straight-line depreciation. What is the balance in Accumulated Depreciation for this equipment at the end of 7 years? Show your calculations

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