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Equipment was purchased for $310000. Freight charges amounted to $7000 and there was a cost of $26000 for building a foundation and installing the equipment.

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Equipment was purchased for $310000. Freight charges amounted to $7000 and there was a cost of $26000 for building a foundation and installing the equipment. It is estimated that the equipment will have a $37000 salvage value at the end of its 5-year useful life Depreciation expense each year using the straight-line method will be O $54600. O $61200. O $68600

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