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MacGyver Company bought equipment on January 3, 2019, for $34,600. At the time of purchase, the equipment was estimated to have a useful life of

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MacGyver Company bought equipment on January 3, 2019, for $34,600. At the time of purchase, the equipment was estimated to have a useful life of 6 years and a salvage value of $1120. Using the straight line method, the amount of one year's depreciation is

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