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Required information [The following information applies to the questions displayed below.] Steves Outdoor Company purchased

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Answer #1

Value of equipment = $45,000 + $3,800 + $700 = $49,500

Depreciation per annum = ($49,500 - $4,500) / 5 = $9,000

Accumulated depreciation for 2 years = $9,000 X 2 = $18,000

Equipment (Van) $49,500
Less: Accumulated depreciation ($18,000)
Net book value at the end of year 2 $31,500
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