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Office furniture was purchased for $15,000. The expected residual value of the furniture is $1000 and its useful life is estimated to be 7 years.

Office furniture was purchased for $15,000. The expected residual value of the furniture is $1000 and its useful life is estimated to be 7 years. Using the straight line method of depreciation, calculate the annual depreciation amount.

Group of answer choices

a) $2000

b) $14,000

c) $1400

d) $1000

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