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Presented below is information related to equipment owned by Sheridan Company at December 31, 2017. Cost $5,160,000 Accumulated depreciation to date 516,000 Expected future

Presented below is information related to equipment owned by Sheridan Company at December 31, 2017. Cost $5,160,000 Accumulated depreciation to date 516,000 Expected future net cash flows Fair value 3,440,000 2,408,000 Assume that Sheridan will continue to use this asset in the future. As of December 31, 2017, the equipment has a remaining useful life of 4 years.

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