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Oriole Snowboarding Company, a public company, purchased equipment on January 10,2020 , for $750,000. At that time. management estimated that the equipment would have a
Oriole Snowboarding Company, a public company, purchased equipment on January 10,2020 , for $750,000. At that time. management estimated that the equipment would have a useful life of 10 years and a residual value of $50,000. Oriale uses the straight-line method of depreciation and has a December 31 year end. Oriole tested the equipment for impairment on December 31.2024 , after recording the annual depreciation expense, it was determined that the equipment's recoverable amount was $325,000, and that the totalestimated useful life would be eight years Tnstead of 10 , with a residuat vatue of $10.000 instead of $50,000. Calculate the annual depreciation expense for the years 2020 to 2024 and the carrying amount at December 31.2024
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