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Equipment costing $16,000 with an estimated salvage value of $1,120 and an estimated life of 4 years was purchased on November 1, 2013. Using the

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Equipment costing $16,000 with an estimated salvage value of $1,120 and an estimated life of 4 years was purchased on November 1, 2013. Using the straight-line depreciation method, what is the amount of depreciation expense to be recorded at December 31, 2013? Multiple Choice $310 $620 $1120 $3,720

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