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LMN Inc. purchases factory equipment for $64,000 on January1. The equipment is estimated to have a useful life of 12 years, at which point it

LMN Inc. purchases factory equipment for $64,000 on January1. The equipment is estimated to have a useful life of 12 years, at which point it will have a residual value of $4,000. LMN Inc. uses the straight-line method to account for depreciation. What is the journal entry on December 31to record the yearly depreciation?

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