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Calculate the depreciation expense recorded on the

Question - On January 1, 2018, DeRose Company purchased equipment for $100,000. The equipment was assigned an estimated life of 15 years and had a salvage value of $7,000. On January 1, 2024, DeRose Company decided the life of the equipment should be revised from 15 to 10 years.

Calculate the depreciation expense recorded on the equipment for 2024 assuming ABC Company uses the straight line depreciation method.

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Accounting Basics: Calculate the depreciation expense recorded on the

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