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On January 1, Perez Company purchased a large plece of equipment for $24,000. It has an estimated useful life of 12 years. Required: Journalize the

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On January 1, Perez Company purchased a large plece of equipment for $24,000. It has an estimated useful life of 12 years. Required: Journalize the adjusting entry on December 31. Note: Use straight-line depreciation with no salvage value. Date Account Title Debit Credit Dec. 31

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