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Hortico Company purchased a delivery van for $65,000 on January 1. The van has an estimated 4-year life with a residual value of $8,000.

Hortico Company purchased a delivery van for $65,000 on January 1. The van has an estimated 4-year life with a residual value of $8,000. What would the depreciation expense for this van be in the first year if Hortico uses the straight-line method?

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