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On January 10, 2006, Maxim Corporation acquired equipment for $124,000. The estimated life of the equipment is 3 years or 24,000 hours. The estimated residual value is $10,000. What is the balance of Accumulated Depreciation on December 31, 2007, if Baldwin Corporation uses the asset 5,500 hours in 2006 and 4,500 hours in 2007?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M991945

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