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On January 1, 2015, the company purchased equipment that cost $10,000. The equipment is expected to be worth about (or has a salvage value

 

On January 1, 2015, the company purchased equipment that cost $10,000. The equipment is expected to be worth about (or has a salvage value of) $1,000 at the end of its useful life in five years. The company uses straight-line depreciation. It has not recorded any adjustments relating to this equipment during 2015. Prepare the necessary adjusting entry.

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