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On April 1, 2023, Ninja Ltd. purchased equipment for $120,000. The equipment was estimated to have a residual value of $15,000 and is being depreciated

On April 1, 2023, Ninja Ltd. purchased equipment for $120,000. The equipment was estimated to have a residual value of $15,000 and is being depreciated over ten years using the straight-line method.

Instruction:

Compute the depreciation expense for this equipment for the year ended December 31, 2023 (no journal entry required).

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