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Wilbur Company purchased $10,000 of equipment on January 20, 2014. Wilbur uses the straight-line method to depreciate the equipment. The equipment has a 5-year useful

Wilbur Company purchased $10,000 of equipment on January 20, 2014. Wilbur uses the straight-line method to depreciate the equipment. The equipment has a 5-year useful life with no salvage value. Which of the following statements is correct?

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