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3: Quigley Co. bought a machine on January 1, 2014 for $875,000. It had a $75,000 estimated residual value and a ten-year life. An expense

3: Quigley Co. bought a machine on January 1, 2014 for $875,000. It had a $75,000 estimated residual value and a ten-year life. An expense account was debited on the purchase date. Quigley uses straight-line depreciation. This was discovered in 2016. Instructions: Prepare the entry or entries related to the machine for 2016

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