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Indy Inc. purchased an asset on January 1, 2016 for $55,000. The estimated economic life of the asset is 8 years and has a $5,000

Indy Inc. purchased an asset on January 1, 2016 for $55,000. The estimated economic life of the asset is 8 years and has a $5,000 salvage value. This system falls under the 7-year property class for tax purposes. Prepare a schedule showing MACRS depreciation for the life of this asset.

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