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Cutter Enterprises purchased equipment for $87,000 on January 1, 2021. The equipment is expected to have a five-year life and a residual value of $8,400.

Cutter Enterprises purchased equipment for $87,000 on January 1, 2021. The equipment is expected to have a five-year life and a residual value of $8,400. Using the double-declining-balance method, depreciation for 2022 would be: Multiple Choice

$34,800.

$18,864.

$20,880.

None of these answer choices are correct.

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