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Nanki Corporation purchased equipment on January 1, 2019, for $649,000. In 2019 and 2020, Nanki depreciated the asset on a straight-line basis with an estimated
Nanki Corporation purchased equipment on January 1, 2019, for $649,000. In 2019 and 2020, Nanki depreciated the asset on a straight-line basis with an estimated useful life of eight years and a $29,000 residual value. In 2021, due to changes in technology, Nanki revised the useful life to a total of five years with no residual value. What depreciation would Nanki record for the year 2021 on this equipment? (Round your answer to the nearest dollar amount.)
Multiple Choice
$103,333.
$108,167.
$164,667.
OR
None of these answer choices are correct.
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