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On January 1, Rescue Agency paid $94,000 for production equipment. The company estimated that the equipment would be used for the next 10 years, at

On January 1, Rescue Agency paid $94,000 for production equipment. The company estimated that the equipment would be used for the next 10 years, at the end of which time it could be sold for $12,000. The company uses the straight-line depreciation method.

Calculate depreciation expense for Year 1 for Rescue Agency.

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