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Equipment was purchased for $140000. Freight charges amounted to $7000 and there was a cost of $17000 for building a foundation and installing the equipment.

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Equipment was purchased for $140000. Freight charges amounted to $7000 and there was a cost of $17000 for building a foundation and installing the equipment. It is estimated that the equipment will have a $34000 salvage value at the end of its 5- year useful life. Depreciation expense each year using the straight-line method will be $26000. $21200. $23200. $32800

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