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Masterson Supply purchased a small storage building for $21,000 to be used over a five-year period. The building is depreciated on a straight-line basis and
Masterson Supply purchased a small storage building for $21,000 to be used over a five-year period. The building is depreciated on a straight-line basis and has no residual value. Early in the fourth year, the storage building burned down. Record the retirement of the remaining book value of the storage building. Note: If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field
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