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Jenny purchased equipment at the beginning of July 2017 for $250,000. Jenny decided to depreciate the equipment over a ten-year period using the reducing-balance method

Jenny purchased equipment at the beginning of July 2017 for $250,000. Jenny decided to depreciate the equipment over a ten-year period using the reducing-balance method (using 1.8 times the straight line rate). Jenny's accountant estimated the equipment's residual value at $25,000. Which of the following statements is correct concerning Jenny's financial statements at 30 June 2019?

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