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Cook Company had the following excerpt from its financial records: 12/31/2021 12/31/2020 Equipment $939,000 $867,000 Accumulated Depreciation 647,000 605,000 Book Value $292,000 $262,000 The following
Cook Company had the following excerpt from its financial records: 12/31/2021 12/31/2020 Equipment $939,000 $867,000 Accumulated Depreciation 647,000 605,000 Book Value $292,000 $262,000 The following information is taken from Cook Company's records: 1. Equipment was purchased during 2021 for $123,000 cash. 2. A gain on sale of equipment of $17,000 was recorded during 2021. 3. Equipment was sold during 2021 for $42,000. Required: Compute the amount of depreciation expense for 2021. Depreciation expense for 2021: $
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