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On January 1,2019, Gracie Co. purchased $16,000 of equipment. The company estimates the equipment to have a useful life of 5 years and a salvage

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On January 1,2019, Gracie Co. purchased $16,000 of equipment. The company estimates the equipment to have a useful life of 5 years and a salvage value of $2,000. Assume the company uses straight-line depreciation. Calculate the equipment's book value at the end of 2021

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