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Covid19 Limited, a newly formed company, is making face masks and has recently purchased manufacturing equipment to make the masks. The equipment was purchased at
Covid19 Limited, a newly formed company, is making face masks and has recently purchased manufacturing equipment to make the masks. The equipment was purchased at a cost of $51,000 and a further $3,000 was spent on installing the equipment. The depreciation for tax purposes is 10% percent using the diminishing value method. What is the book value of the equipment for tax purposes at the end of the first year
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