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D 17 PTS: QUESTION 5 - CALCULATING DEPRECIATION On January 1, 2020 LEDGER LOVERS, INC purchased equipment for $38,000. There were installation and transportation costs

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D 17 PTS: QUESTION 5 - CALCULATING DEPRECIATION On January 1, 2020 LEDGER LOVERS, INC purchased equipment for $38,000. There were installation and transportation costs totaling $2,000 to obtain the equipment and begin using it. The salvage value of the equipment is expected to be $4,000 and the equipment is expected to last 4 years. LEDGER LOVERS, INC uses the straight line method for depreciation. **REQUIRED** Calculate the following: A) Depreciation expense for the year ending December 31, 2020. B) Accumulated Depreciation Balance as of December 31, 2021. C) Net book value of the equipment on December 31, 2022. You may create a table or use a different approach. You must show your work to receive credit! Do not just write a number down. **REQUIRED** Suppose instead the equipment was purchased and placed in service on July 1, 2020. What would the 2020 depreciation expense be

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