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July, Year 1: Richter purchased scientific equipment used in product development studies having potential alternative users for future products. The equipment cost $75,000 and the

July, Year 1:
Richter purchased scientific equipment used in product development studies having potential alternative users for future products. The equipment cost $75,000 and the company paid an additional $4,000 for delivery. The equipment has an estimated useful life of 5 years. Prepare the journal entry, if any, to record the purchase of the equipment.

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