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Madison Industries uses the straight-line depreciation method. One asset had been purchased for $9,000. Annual depreciation expense was $800 after considering a residual value of $1,000. What was the approximate life of the asset?

a) 8.00 years

b) 10.00 years

c) 11.25 years

d) 12.00 years

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9415159

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