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    Depreciation methods for introductory financial accounting

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    A fixed asset has a cost of $12,000 and a salvage value of $3,000. The asset has a three-year life. If depreciation in the third year amounted to $1,500, which depreciation method was used?

    o Straight-line.
    o Double-declining-balance.
    o Units of production.
    o Sum-of-the-years digits.

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    Solution Summary

    The solution explains how to determine the depreciation method used in calculating the depreciation amount