Equipment was purchased for $150,000. Freight charges amounted to $7,000 and there was a cost of $20,000 for building a foundation and installing the equipment. It is estimated that the equipment will have a $30,000 residual value at the end of its 5-year useful life. Depreciation expense each year using the straight-line method will be

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The Answer of Equipment was purchased for $150,000. Freight charges amounted to $7,000 and there was a cost of $20,000 for building a foundation and installing the equipment. It is estimated that the equipment will have a $30,000 residual value at the end of its 5-year useful life. Depreciation expense each year using the straight-line method will be

Equipment Was Purchased for $150,000