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On January 1,2022 Michele Company purchased a piece of equipment for $65,000 with an estimated residual value of $15,000 at the end of its estimated

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On January 1,2022 Michele Company purchased a piece of equipment for $65,000 with an estimated residual value of $15,000 at the end of its estimated life of 5 years. To the nearest dollar, what is the equipment's depreciation using the straight line method for year ending 31 December 2022 ? $16,000$13,000$10,000

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