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Company B purchased equipment for $500,000 on January 1, 2010. It had an estimated useful life of 10 years and a salvage value of $50,000.

Company B purchased equipment for $500,000 on January 1, 2010. It had an estimated useful life of 10 years and a salvage value of $50,000. While preparing the balance sheet on December 31, 2018, the company determined that the estimated useful life should be 12 years. What is the depreciation expense recorded on December 31, 2018?

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