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On January 1, 2021, the company purchased a piece of equipment costing $63,000, paying $8,000 in cash and financing the remainder at 5%. Principal and

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On January 1, 2021, the company purchased a piece of equipment costing $63,000, paying $8,000 in cash and financing the remainder at 5%. Principal and interest are both due on June 1, 2021. The machine is expected to last 5 years and have a salvage value of $3,000. What J/E is required on January 1, 2021

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