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XYZ Industries bought land and built its plant 10 years ago. Land is not depreciated. The depreciation on the building and plant is calculated using
XYZ Industries bought land and built its plant 10 years ago. Land is not depreciated. The depreciation on the building and plant is calculated using the straight-line method, with a life of 20 years and a salvage value of $2,000,000. The depreciation for the equipment, all of which was purchased at the same time the plant was constructed, is calculated using declining-balance at 10%. Complete the Balance Sheet below.
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