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Estimated useful life refers to the length of time that your equipment will have economic benefit for your company.
Pready is correct. It can also be used to for rental properties. The IRS website had lots of useful charts that show just how long a certain item is supposed to last. Here is a link to it:
A Brief Overview of Depreciation
If you are doing work for school or trying to learn how to depreciate for accounting, try Accounting Coach. I use it whenever I have accounting questions.
Depreciation | AccountingCoach.com
I hope this information helps.
LaCresha
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