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On July 1st 2020, Spencer Company purchased a tractor at a cost of $540,000. The tractor has an estimated salvage value of $60,000 and an

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On July 1st 2020, Spencer Company purchased a tractor at a cost of $540,000. The tractor has an estimated salvage value of $60,000 and an estimated life of 8 years. On 12/31/2021, what will the book value of the tractor be after recording proper depreciation for 2021? 590,000 $510,000 $420,000 $90,000

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