Gamma Hospital purchased a new item of equipment for $40,000 on May 1, 20X1. The equipment has an estimated useful life

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answerhappygod
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Gamma Hospital purchased a new item of equipment for $40,000 on May 1, 20X1. The equipment has an estimated useful life

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Gamma Hospital purchased a new item of equipment for $40,000 onMay 1, 20X1. The equipment has an estimated useful life of tenyears and an expected salvage value of $4,000. What amount shouldbe reported as accumulated depreciation on this equipment in GammaHospital’s December 31, 20X2, balance sheet?
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