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Tolkien, Inc. has purchased equipment costing $6,000 on September 1, 2020. The equipment has a salvage value of $1,000 and a useful life of 10

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Tolkien, Inc. has purchased equipment costing $6,000 on September 1, 2020. The equipment has a salvage value of $1,000 and a useful life of 10 years. What is the amount of depreciation expense for the year ending December 31, 2020? O $167 O $500 O $6,000 $5,000

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