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On Jan. 1, 2021
Cost of Equipment = $87,000
Freight charges = $2,400
Installation Cost = $10,000
Salvage value = $16,000
Useful life = 5 Years
Calculation of annual depreciation under straight line method of depreciation: -
= (87,000 + 2,400 + 10,000 – 16,000)/ 5
= 83,400/ 5
= $16,680
Accumulated Depreciation at Dec. 31, 2022: -
= 16,680*2
= $33,360
Hence, first option is correct.
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