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On December 1, 2015, the company purchased a delivery van for $50,000 which is expected to last 60 months. The trade-in value of the van

On December 1, 2015, the company purchased a delivery van for $50,000 which is expected to last 60 months. The trade-in value of the van on December 31, 2015 is $45,000.

The adjusting journal entry on December 31, 2015 is:

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