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Tesla Inc. recently acquired new manufacturing equipment for $1,000,000. The equipment is expected to have a useful life of 5 years and a residual value

Tesla Inc. recently acquired new manufacturing equipment for $1,000,000. The equipment is expected to have a useful life of 5 years and a residual value of $100,000. Compute the depreciation expense for each year using the straight-line method, double-declining balance method, and units-of-production method. Compare the depreciation expenses obtained from each method for the first two years.

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