Question: Equipment was purchased for $ 1 2 0 , 0 0 0 . Freight charges amounted to $ 5 , 6 0 0 and there

Equipment was purchased for $120,000. Freight charges amounted to $5,600 and there was a cost of $16,000 for building a foundation and installing the equipment. It is estimated that the equipment will have a $24,000 residual value at the end of its 5-year useful life. Depreciation expense each year using the straight-line method will beSelect one:a. $19,200.b. $28,320.c. $19,680.d. $23,520.

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