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Tweedie Company reported the following in the long-term asset section of its balance sheet; no equipment was purchased or sold during the year. Dec. 31,
Tweedie Company reported the following in the long-term asset section of its balance sheet; no equipment was purchased or sold during the year.
| Dec. 31, Year 2 | Dec. 31, Year 1 |
Equipment, net of depreciation of $120,000 and 100,000, respectively | $167,500 | $187,500 |
Patent, net of amortization of $31,500 and $27,000, respectively | 88,000 | 92,500 |
The company uses the straight-line method to depreciate and amortize all of its operating assets.
Assume salvage value is 10% of cost. What is the percent of equipment used? Round to the nearest whole percent.
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