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Instructions On January 1, Tolson Company purchased a building by paying $85,000. The building has an estimated life of 40 years and an estimated residual

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed Instructions On January 1, Tolson Company purchased a building by paying $85,000. The building has an estimated life of 40 years and an estimated residual value of $5,000. Required: Prepare journal entries to record the purchase and the related year-end adjusting entry.

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