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Oceanic Freight Logistics Ltd. acquired cargo vessels on September 1, 2023, at a purchase price of $1,500,000. These vessels have an anticipated useful life of

Oceanic Freight Logistics Ltd. acquired cargo vessels on September 1, 2023, at a purchase price of $1,500,000. These vessels have an anticipated useful life of 8 years and a residual value of $120,000. Determine the depreciation expense for the year ending August 31, 2024, using the straight-line depreciation method.

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