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On January 1, 20X1, Kiner's foreign subsidiary purchased land for 23,000 LCU and plant and equipment for 130,000 LCU. On July 4, 20X2, additional equipment
On January 1, 20X1, Kiner's foreign subsidiary purchased land for 23,000 LCU and plant and equipment for 130,000 LCU. On July 4, 20X2, additional equipment was purchased for 34,000 LCU. Plant and equipment is being depreciated on a straight-line basis over a 10-year period with no residual value. A full year's depreciation is taken in the year of purchase
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