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Cutter Enterprises purchased equipment for $99,000 on January 1, 2021. The equipment is expected to have a five-year life and a residual value of $7,800.

Cutter Enterprises purchased equipment for $99,000 on January 1, 2021. The equipment is expected to have a five-year life and a residual value of $7,800. Using the double-declining-balance method, the book value at December 31, 2022, would be:

Multiple Choice

  • $34,740.

  • $35,640.

  • $19,800.

  • $36,840.

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