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On July 1, 2022, Sport Company purchased for $1,800,000 snow-making equipment having an estimated useful life of 3 years and a zero salvage value. The
On July 1, 2022, Sport Company purchased for $1,800,000 snow-making equipment having an estimated useful life of 3 years and a zero salvage value. The company applies the double-declining balance method for depreciation. Depreciation is taken for the portion of the year the asset is used. The fiscal year end is December 31. How much is the depreciation expense of the equipment for the fiscal year ending December 31, 2022, when the company allocates depreciation expense to the nearest fraction of a year
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