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Item 2: Equipment with a cost of $400,000 has an estimated salvage value of $50,000 and an estimated life of 5 years. Compute the annual

Item 2: Equipment with a cost of $400,000 has an estimated salvage value of $50,000 and an estimated life of 5 years. Compute the annual depreciation and then show what this asset looks like on a classified balance sheet at the end of the second year.

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