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On January 1, Morgan Company purchased a large piece of equipment for $69,000. It has an estimated useful life of 5 years. Required: Journalize the

On January 1, Morgan Company purchased a large piece of equipment for $69,000. It has an estimated useful life of 5 years.

Required:

Journalize the adjusting entry on December 31.

Note: Use straight-line depreciation with no salvage value.

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