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Equipment purchased for $54,000 on January 3, 2016, has an estimated life of 5 years and an estimated salvage value of $4,700. The firm uses

Equipment purchased for $54,000 on January 3, 2016, has an estimated life of 5 years and an estimated salvage value of $4,700. The firm uses the straight-line method of depreciation. Record the journal entry for the adjustment for the month ended January 31, 2016. (Round your answers to 2 decimal places.)

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