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Renewable Resources Ltd. possesses the following assets: Wind Turbines: Purchased for $1,000,000 on January 1, 2020, with an estimated useful life of 20 years and
Renewable Resources Ltd. possesses the following assets:
- Wind Turbines: Purchased for $1,000,000 on January 1, 2020, with an estimated useful life of 20 years and no residual value. However, on January 1, 2023, it was determined that the remaining useful life is only 15 years, with a residual value of $100,000.
- Eco-Friendly Research Facility: Constructed at a cost of $3,000,000 on July 1, 2021, with an estimated useful life of 30 years and no residual value.
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