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Flounder Corp. purchased a piece of equipment for $51,500. It estimated a 7-year life and $2,000 salvage value. At the end of year 3 (before
Flounder Corp. purchased a piece of equipment for $51,500. It estimated a 7-year life and $2,000 salvage value. At the end of year 3 (before the depreciation adjustment), it estimated the new total life to be 9 years and the new salvage value to be $5,000. Compute the revised depreciation. Company uses straight-line depreciation method.
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