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.Chaps Bikes purchased manufacturing equipment for $160,000 on September 3,2017.The estimated life of the equipment is 10 years but due to technological advances, Chaps expect to replace the equipment in five years when the residual value is estimated to be $40,000. Chaps year end is December 31. Calculate for each year of the assets estimated useful life using straight line method. Calculate for five years. 5 marks

	2017	2018	2019	2020	2021
Cost
Less: Accumulated Depreciation
Book Value
Depreciation Expense