Question: On January 1 , Year 1 , Cakes ' N ' Bakes Co . purchased $ 3 0 , 0 0 0 of equipment. The

On January 1, Year 1, Cakes 'N' Bakes Co. purchased $30,000 of equipment. The equipment has a salvage value of $2,000 and an estimated useful life of 10 years. The company uses the straight-line method to calculate depreciation. What is depreciation expense for Year 1?

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