Question: Equipment was purchased for $85000 on January 1, 2016. Freight charges amounted to $3500 and there was a cost of $10000 for building a foundation and installing the equipment. It is estimated that the equipment will have a $15000 salvage value at the end of its 5-year useful life. What is the amount of accumulated depreciation at December 31, 2017, if the straight-line method of depreciation is used?
- $28600.
- $16700.
- $33400.
- $14300.
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