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Kansas Enterprises purchased equipment for $74,500 on January 1, 2021. The equipment is expected to have a ten-year service life, with a residual value of

Kansas Enterprises purchased equipment for $74,500 on January 1, 2021. The equipment is expected to have a ten-year service life, with a residual value of $7,500 at the end of ten years. Using the straight-line method, the book value at December 31, 2021, would be:

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