Kansas Enterprises purchased equipment for $77,500 on January 1, 2018. The equipment is expected to hav a

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Kansas Enterprises purchased equipment for $77,500 on January 1, 2018. The equipment is expected to hav a five year life, with a residual value of $7,500 at the end of five years. Using the straight-line method, the book value at December 31, 2018 would be: Multiple Choice o O S56,000. o O s70. o S63.500. o O s62