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Cutter Enterprises purchased equipment for $90,000 on January 1, 2021. The equipment is expected to have a five-year life and a resiclual value of 55,400

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Cutter Enterprises purchased equipment for $90,000 on January 1, 2021. The equipment is expected to have a five-year life and a resiclual value of 55,400 . Using the doubie-deciining-balence method, depreciation for 2021 and the book value at December 31,2021 , would be

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