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Taco Hut purchased equipment on May 1, 2021, for $15,000. Residual value at the end of an estimated eight-year service life is expected to be

Taco Hut purchased equipment on May 1, 2021, for $15,000. Residual value at the end of an estimated eight-year service life is expected to be $3,000. Calculate depreciation expense using the straight-line method for 2021 and 2022, assuming a December 31 year-end.

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