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Spirit Corporation purchased a piece of equipment to be used in its operations for \$700,000 on May 31, 2017 with an estimated salvage value of \$100,000 and a 5 year life. Spirit records partial-year depreciation on equipment and uses the straight-line method.

How much depreciation expense should Spirit Corporation record for 2017?

A

\$140,000

B

\$120,000

C

\$70,000

D

\$81,667

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