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Cowley Company just completed its first year of operations. The December 31 equipment account has a balance of $15,000. There is no balance in the

Cowley Company just completed its first year of operations. The December 31 equipment account has a balance of $15,000. There is no balance in the Accumulated DepreciationEquipment account or in the Depreciation Expense account. The accountant estimates the yearly equipment depreciation to be $3,000. Prepare the required adjusting entry to record the yearly depreciation for equipment.


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