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First Third Company Depreciates an Asset with a Cost of $55,000

Question 27

Multiple Choice

First Third Company depreciates an asset with a cost of $55,000 over 10 years using the straight-line method of depreciation and the yearly depreciation expense is $4,000, what is the estimated salvage value of the asset?


A) $5,000
B) $10,000
C) $15,000
D) $20,000
E) $20,375

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