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Question 5 An asset was purchased for $350,000. It had an estimated salvage value of $80,000 and an estimated useful life of 10 years.

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Question 5 An asset was purchased for $350,000. It had an estimated salvage value of $80,000 and an estimated useful life of 10 years. After 5 years of use, the estimated salvage value is revised to $64,000 but the estimated useful life is unchanged. Assuming straight-line depreciation, calculate depreciation expense in Year 6 and prepare the journal entry.

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