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A company purchased new furniture at a cost of $20,000 on January 1. The furnitu...
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A company purchased new furniture at a cost of $20,000 on January 1. The furniture is estimated to have a useful life of 5 years and a salvage value of $2,600. The company uses the straight-line method of depreciation. How much depreciation expense will be recorded for the furniture for the first year ended December 31?
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