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Hawk Company Purchased an Asset on January 1,2015,for $10,000

Question 107

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Hawk Company purchased an asset on January 1,2015,for $10,000.The asset was expected to have a ten-year life and a $1,000 salvage value.The company uses the straight-line method of depreciation.On January 1,2017,the company made a major repair to the asset of $5,000,extending its life.The asset is expected to last ten years from January 1,2017.Calculate the amount of depreciation for 2017.

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