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Cutter Enterprises purchased equipment for $75,000 on January 1, 2021. The equipment is expected to have a five-year life and a residual value of $4,800.

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Cutter Enterprises purchased equipment for $75,000 on January 1, 2021. The equipment is expected to have a five-year life and a residual value of $4,800. Using the straight-line method, the book value at December 31, 2021, would be: Multiple Choice $60,000 $56,160. $60,960. $55,200

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