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14 December, 11:58

Vaughn Manufacturing purchased equipment for $12240 on January 1, 2017. The company expects to use the equipment for 5 years. It has no salvage value. What balance would be reported on the December 31, 2017 balance sheet for Accumulated Depreciation?

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  1. 14 December, 13:27
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    Accumulated Depreciation as on 31st December 2017 is 2448

    Explanation:

    Depreciation using straightline method=Cost of equipment-salvagevalue

    useful life of the asset

    Depreciation = 12,240-0

    5years

    Depreciation on 31st December 2017 = $2448
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