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New spray coating equipment costs $13,000 is to be used in an oversea shipyard. It has a 12-year life and an estimated salvage value of

New spray coating equipment costs $13,000 is to be used in an oversea shipyard. It has a 12-year life and an estimated salvage value of $4750. If the global naval shipbuilding company uses MACRS with an ADS recovery period to calculate the depreciation and book value for the new coating equipment, determine the annual depreciation and book value at the end of year 8.

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