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On January 1 , 2 0 2 4 , Oriole Company purchased equipment for $ 2 8 0 0 0 . The company is depreciating

On January 1,2024, Oriole Company purchased equipment for $28000. The company is depreciating the equipment at the rate of $1120 per month. At January 31,2025, the balance in Accumulated Depreciation is
$13440 credit.
$1120 debit.
$14560 credit.
$69440 debit.
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