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5 point. Computing Book Value (Straight-Line Depreciation). You must show your work to receive full credit. On January 1, 2018, AGR Inc. purchased a machine

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5 point. Computing Book Value (Straight-Line Depreciation). You must show your work to receive full credit. On January 1, 2018, AGR Inc. purchased a machine with a cash price of $40,000. AGR Ine. also paid $1,000 for transportation and installation. The expected useful life of the machine is 5 years and the residual value is $5,000. A. What is the journal entry to record the purchase of the machine on January 1"? B. Assuming straight-line depreciation, the annual depreciation expense is

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