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6. A company that has been operating for just four months purchased $60 000 of office furniture on May 1st. The company's fiscal year
6. A company that has been operating for just four months purchased $60 000 of office furniture on May 1st. The company's fiscal year is the same as the calendar year. A. Prepare the adjusting entries required for the first two years under a true declining-balance method of depreciation. B. Prepare the adjusting entries required for the first two years if Canada Revenue Agency's 50% rule is used.
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