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Haaland Company depreciates an asset with an original cost of $8,000 over 5 years using the sum-of-the-years digits method of depreciation. The asset was purchased

Haaland Company depreciates an asset with an original cost of $8,000 over 5 years using the sum-of-the-years digits method of depreciation. The asset was purchased on July 1, 2020 and the depreciation expense for 2020 is $1,250. What is the estimated salvage value of the asset?

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