(Solution) - A cupola for a foundry was purchased for 3 000 500 -(2025 Original AI-Free Solution)

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Academic Level: Undergrad. (yrs 3-4)

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A cupola for a foundry was purchased for $3,000. $500 more was spent on its erection and commissioning. The estimated residual value after 10 years was $700.
a. Calculate the annual rate of depreciation.
b. Determine the amount of depreciation at the end of six years after the purchase of the cupola.