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Concord Company purchased equipment on January 1, 2019, for $87000 with an estimated salvage value of $25000 and estimated useful life of 8 years. On
Concord Company purchased equipment on January 1, 2019, for $87000 with an estimated salvage value of $25000 and estimated useful life of 8 years. On January 1, 2021, Concord decided the equipment will last 12 years from the date of purchase. The salvage value is still estimated at $25000. Using the straight-line method the new annual depreciation will be?
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