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On January 1, 2006, Corporation acquired equipment for $260,000. The estimated life of the equipment is 5 years or 40,000 hours. The estimated residual value

On January 1, 2006, Corporation acquired equipment for $260,000. The estimated life of the equipment is 5 years or 40,000 hours. The estimated residual value is $24,000. What is the balance in Accumulated Depreciation on December 31, 2007, if Corporation uses the straight-line method of depreciation?

$96,000

$49,200

$94,400

$48,000

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