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ABC Company bought a Crane on 7-1-18 for $160,000. The Crane has a residual value of $40,000 and a useful life of 3 years. What

ABC Company bought a Crane on 7-1-18 for $160,000. The Crane has a residual value of $40,000 and a useful life of 3 years. What is the journal entry for 7-1-18 and the adjusting entry on 12-31-18? ABC made a $40,000 down payment on the Crane when it was purchased. They are financing the rest.

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