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ABC Company bought a Tractor on 7-1-2021 for $90,000. ABC Company made a down payment of $15,000 and they are financing the rest. The Tractor
ABC Company bought a Tractor on 7-1-2021 for $90,000. ABC Company made a down payment of $15,000 and they are financing the rest. The Tractor has a useful life of 5 years and a salvage value of $40,000. REQUIRED: 1) What is the Journal Entry on 7-1-2021 to record the purchase of the Tractor? 2) What is the Journal Entry on 12-31-2021 to adjust for the accumulated depreciation
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