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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 $6,600.

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 $6,600. Using the straight-line method, the book value at December 31, 2021, would be:

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