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Building Instructions Chart of Accounts General Journal Instructions On January 1, Tolson Company purchased a building by paying $175,000. The building has an estimated

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Building Instructions Chart of Accounts General Journal Instructions On January 1, Tolson Company purchased a building by paying $175,000. The building has an estimated life of 40 years and an estimated residual value of $15,000. Required: Prepare journal entries to record the purchase and the related year-end adjusting entry

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