The balance sheet of an enterprise fund for the past year included the following items in the fixed assets section:

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Fixed assets: Building $80,000 Less: Allowance for depreciation-building 32,000 $48,000 Equipment 70,000 Less: Allowance for depreciation-equipment 7,000 63,000 Total fixed assets $111,000 Instructions: Assuming the depreciation rate is 5 percent per year, prepare the entries that would be required at the end of the current year.