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Cassidy Corporation purchased factory equipment that was installed and put into service on January 1, 2022, at a total cost of $55,000. Residual value was

Cassidy Corporation purchased factory equipment that was installed and put into service on January 1, 2022, at a total cost of $55,000. Residual value was estimated at $3,000. The equipment is being depreciated over four years using the double-declining-balance method.

Instruction:

Prepare the journal entry to record depreciation expense on this equipment for 2023

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