An asset was purchased for $54,000 and originally estimated to have a useful life of 10 years with a residual value of $4,900. After two years of straight-line depreciation, it was determined that the remaining useful life of the asset was only 2 years with a residual value of $1,960. a) Determine the amount of the annual depreciation for the first two years. $ b) Determine the book value at the end of Year 2. $ c) Determine the depreciation expense for each of the remaining years after revision. $
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