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Bobs Builders purchases a building for $300,000 cash on January 1, 2015. It is expected to last 30 years (depreciation is straight-line). 5 years later
Bobs Builders purchases a building for $300,000 cash on January 1, 2015. It is expected to last 30 years (depreciation is straight-line). 5 years later on December 31, 2019 they sell the building for $260,000 cash. Record the journal entries for the purchase of the building, depreciation, and selling of the building.
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