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Loyed Co. purchased equipment on January 1, 2019, for $900,000, estimating a five-year useful life and $100,000 residual value. In 2019 and 2020, Loyed depreciated
Loyed Co. purchased equipment on January 1, 2019, for $900,000, estimating a five-year useful life and $100,000 residual value. In 2019 and 2020, Loyed depreciated the asset using the double-declining-balance method. In 2021, Loyed changed to straight-line depreciation for this equipment. What depreciation would Loyed record for the year 2021 on this equipment?
$92,333 | ||
$108,000 | ||
$74,667 | ||
$160,000 |
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