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Assume a company has its financial year from February 2020 to January 2021. The company purchases a fixed asset for 45,000 with cash on Feb

Assume a company has its financial year from February 2020 to January 2021. The company purchases a fixed asset for 45,000 with cash on Feb 1 2020 with a 3 year useful life.

What entry is booked to record the purchase of the asset?

What is the total depreciation expense for the current financial year?

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