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Kansas Enterprises purchased equipment for $74,000 on January 1, 2021. The equipment is expected to have a ten-year service life, with a residual value of

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Kansas Enterprises purchased equipment for $74,000 on January 1, 2021. The equipment is expected to have a ten-year service life, with a residual value of $6,750 at the end of ten years. Using the straight-line method, depreciation expense for 2021 would be: Multiple Choice $14,800. $6,725. $7,400. O $8,075

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