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The following information relates to Lionel Manufacturing Company for 2021: Original cost of assets as of January 1, 2020 $ 200,000 Useful life of assets
The following information relates to Lionel Manufacturing Company for 2021: Original cost of assets as of January 1, 2020 $ 200,000 Useful life of assets 10 years Years of depreciation taken as of January 1, 2021 (straight-line) 1 year Operating income gross of depreciation for 2020 $ 40,000 Estimated salvage value $ 0
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