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Kimberly Corporation purchased equipment On January 1 2019, for $688,000. In 2019 and 2020, Kimberly depreciated the asset on straight-line basis with an estimated useful
Kimberly Corporation purchased equipment On January 1 2019, for $688,000. In 2019 and 2020, Kimberly depreciated the asset on straight-line basis with an estimated useful life of eight years and a $12,000 residual value. In 2021, due to changes in technology, Kimberly revised the useful life to a total of five years with now residual value. What depreciation would Kimberly record for the year 2021 on this equipment? Round your answer to the nearest dollar amount.
A. 112,667
B 173,000
C 111,348
D 85,000
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