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Cutter Enterprises purchased equipment for $96,000 on January 1, 2016. The equipment is expected to have a five-year life and a residual value of $4,500.

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Cutter Enterprises purchased equipment for $96,000 on January 1, 2016. The equipment is expected to have a five-year life and a residual value of $4,500. 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): Multiple Choice $30,500 and $65,500. O $32,000 and $64,000. O $32,000 and $59,500. O O $30,500 and $61,000

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