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Kansas Enterprises purchased equipment for $77,000 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 $77,000 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, depreciation expense for 2021 would be: Multiple Choice $8,450. $6,950. $7,700. $15,400

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