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Chevron Corporation purchases a piece of land for $3,000,000. The land has a useful life of 40 years and no residual value. Compute the annual

Chevron Corporation purchases a piece of land for $3,000,000. The land has a useful life of 40 years and no residual value. Compute the annual depreciation expense using the straight-line method. Discuss the treatment of land in accounting for depreciation.

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