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An asset was purchased for $67,000 and originally estimated tohave a useful life of 10 years with a residual value of $3,500.After two years of straight-line depreciation, it was determinedthat the remaining useful life of the asset was only 2 years with aresidual value of $1,400. a) Determine the amount of the annualdepreciation for the first two years. $ b) Determine the book valueat the end of Year 2. $ c) Determine the depreciation expense foreach of the remaining years after revision.

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11 Mar 2018

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