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On January 1, 2019 McNally's Extra Corporation acquired equipment for $180,000. ...
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On January 1, 2019 McNally's Extra Corporation acquired equipment for $180,000. The estimated life of the equipment is 10 years or 200,000 hours. The estimated residual value is $30,000. If McNally's Extra Corporation uses the straight-line method of depreciation, what will be the debit to Depreciation Expense for the year ended December 31, 2020, during which period the asset was used 18,500 hours?
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