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Paul’s Lodging Corporation purchased equipment on January 1, 2010 for $180,000.
The equipment had an estimated useful life of 10 years and an estimated salvage
value of $30,000. After using the equipment for 3 years, the company determined
that the equipment could be used for an additional 9 years and
have a salvage value of $9,000.Assuming Paul’s Lodging
Corporation uses straight-line depreciation, compute
depreciation expense for the year ending December 31, 2013.