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Olson Company purchased equipment on May 1, 20X8 for $280,000. The residual value is $40,000 and the estimated life is 6 years. Olson uses the

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Olson Company purchased equipment on May 1, 20X8 for $280,000. The residual value is $40,000 and the estimated life is 6 years. Olson uses the straight-line method of depreciation. Depreciation expense at December 31, 20X8 is

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