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Machinery is depreciated using an estimated 5-year life and no residual value.The balances for machinery and associated accumulated depreciation were $1,000,000 and $140,000 respectively. Record

Machinery is depreciated using an estimated 5-year life and no residual value.The balances for

machinery and associated accumulated depreciation were $1,000,000 and $140,000 respectively.

Record the adjusting entry for Dec 31 x1

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