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On May 1, 2020, Myers Company purchased equipment costing $50,000. Myers records depreciation expense for the equipment at the rate of $1,000/month. What is

On May 1, 2020, Myers Company purchased equipment costing $50,000. Myers records depreciation expense for the equipment at the rate of $1,000/month. What is the net value (or book value) that Myers will report for the equipment on its December 31, 2020 balance sheet?

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