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2. What entry must be made for the following transaction? Purchase of corporate insurance of $70,000 with annual amortization. 3. The purchase date of the

2. What entry must be made for the following transaction? Purchase of corporate insurance of $70,000 with annual amortization. 3. The purchase date of the computer is May 1, 2002 and it has a useful life of 3 years. What entry is to be made on June 30, 2002

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