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Kansas Enterprises purchased equipment for $77,500 on January 1, 2021. The equipment is expected to have a five-year service life, with a residual value of

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Kansas Enterprises purchased equipment for $77,500 on January 1, 2021. The equipment is expected to have a five-year service life, with a residual value of $7,500 at the end of five years. Using the straight-line method, depreciation expense for 2022 and the book value of December 31, 2022. would be Multiple Choice $14,000 and $42.000 $15.500 and $39,000 O $15,500 and $46,500 $14,000 and $49,500 The balance sheet of Hidden Valley Farms reports total assets of $825,000 and $960,000 at the beginning and end of the year, respectively. The return on assets for the year is 10% What is Hidden Valley's net income for the year? Multiple Choice $9,600,000 $8.925,000 $89,250 O $96,000

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