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QUESTION

A company purchases equipment for $ 162,000 on January 1.It has an estimated residual value of $6,300 and an estimated useful life of 3 years.

A company purchases equipment for $ 162,000 on January 1.  It has an estimated residual value of $6,300 and an estimated useful life of 3 years.  The company uses the declining balance method of depreciation.  Determine the amount of depreciation expense for the FIRST year.

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