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Cutter Enterprises purchased equipment for $63,000 on January 1, 2016. The equipment is expected to have a five-year life and a residual value of $5,400.

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Cutter Enterprises purchased equipment for $63,000 on January 1, 2016. The equipment is expected to have a five-year life and a residual value of $5,400. Using the sum-of-the-years-digits method, depreciation for 2016 and book value at December 31, 2016, would be (Do not round depreciation rate per year)

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