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In 2 0 2 3 , the company acquired a building for 4 0 0 million dollars, with a useful life of 2 0 years

In 2023, the company acquired a building for 400 million dollars, with a useful life of 20 years and no salvage value. That same year, the company purchased a plant for 600 million dollars with a useful life of 10 years and no salvage value. However, they sold plant assets worth 25 million dollars in 2023. Additionally, the company bought equipment for 2 million dollars, also with a 10-year useful life and no salvage value. The income tax rate is 25%.
For income tax reporting, the company was allowed to claim the following depreciation rates:
-50% on buildings each year for the first two years
-40% on plant assets and 60% on equipment in the first year
-60% on plant assets in the second year . Generate journal entires for 2024

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