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On October 1, 2025, Wolfie Co. bought equipment for $12,000. Wolfie expects the equipment will last for three years and then be worthless. Which of the following is correct for the company's annual financial statements at December 31, 2026?A) Depreciation expense $4,000; accumulated depreciation $7,000B) Depreciation expense $5,000; accumulated depreciation $5,000C) Depreciation expense $4,000; accumulated depreciation $5,000D) Depreciation expense $5,000; accumulated depreciation $4,000
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