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Flanders Company purchased an asset on January 1, 2016 for $60,000. The asset has an estimated salvage value of $3,000. Its estimated useful life is

Flanders Company purchased an asset on January 1, 2016 for $60,000. The asset has an estimated salvage value of $3,000. Its estimated useful life is 8 years. What is the balance in accumulated depreciation using the straight-line method at December 31, 2017?

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