Equipment was purchased for $98,000. The equipment is estimated to have a serviceable life of 10 years
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Equipment was purchased for $98,000. The equipment is estimated to have a serviceable life of 10 years and a residual value of $2,000. Using straight-line depreciation, answer the following:
a. What is the depreciation expense per month and per year?
b. Give the journal entry to record the depreciation expense for one year.
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