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Jefferson Company purchased a piece of equipment on January 1, 2010. The equipment cost $60,000 and had an estimated life of 8 years and a

Jefferson Company purchased a piece of equipment on January 1, 2010. The equipment cost $60,000 and had an estimated life of 8 years and a salvage value of $8,000. What was the depreciation expense for the asset for 2011 under the straight-line depreciation method?

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