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Chippy Ltd. purchased equipment on January 1, 2023, for $70,000, estimated that it will have a $4,000 salvage value at the end of its 5-year

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Chippy Ltd. purchased equipment on January 1, 2023, for $70,000, estimated that it will have a $4,000 salvage value at the end of its 5-year useful life, will produce 100,000 units over its 5-year life, uses the units-of-activity depreciation method, produces 18,000 units of product in 2023 and 22,000 units in 2024. What is the equipment's Net Book Value on December 31, 2024

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