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Equipment was purchased for $311000. Freight charges amounted to $13900 and there was a cost of $40800 for building a foundation and installing the equipment.

Equipment was purchased for $311000. Freight charges amounted to $13900 and there was a cost of $40800 for building a foundation and installing the equipment. It is estimated that the equipment will have a $59800 salvage value at the end of its 5-year useful life. Depreciation expense each year using the straight-line method will be $61180. $51260. $50240. $73140

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