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On July 1, Year 1, Event Cakes Inc. purchased a $400,000 building. The building has a salvage value of $5,000 and an estimated useful life

On July 1, Year 1, Event Cakes Inc. purchased a $400,000 building. The building has a salvage value of $5,000 and an estimated useful life of 8 years. Event Cakes Inc. uses the straight-line method to calculate the depreciation. What is the depreciation expense for year 3?

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