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Make a journal entry for the transaction and also an adjusted entry for the end of the year if necessary. On May 1, 2020, the
Make a journal entry for the transaction and also an adjusted entry for the end of the year if necessary. On May 1, 2020, the company paid $40,000 cash to purchase equipment. The equipment's useful life is 10 years. The company uses straight-line depreciation method and assumes no residual value at the end of the 10th year,
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