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The Company purchased assets costing $120,000 on January 1,2019 . The assets have a three year useful life and no salvage value. For tax purposes

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The Company purchased assets costing $120,000 on January 1,2019 . The assets have a three year useful life and no salvage value. For tax purposes the Company used an acceptable accelerated depreciation method that resulted in depreciation expense of $55,000; $40,000; and $25,000 for the three years respectively. For financial reporting purposes the straightline method was used. A 20% tax rate was in effect for

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