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THE NEXT THREE (3) QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION:Steep Slopes Development Inc. purchased a property (land and building) for $1,135,000 five years ago.

THE NEXT THREE (3) QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION:Steep Slopes Development Inc. purchased a property (land and building) for $1,135,000 five years ago. The building isexpected tohave a useful life of 25 years, after which it will be have a salvage value of $15,000. Depreciation expense onthe income statementusing the straight line method is $17,000

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