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On January 1 , Tolson Company purchased a building by paying $125,000. The building has an estimated life of 40 years and an estimated residual

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On January 1 , Tolson Company purchased a building by paying $125,000. The building has an estimated life of 40 years and an estimated residual value of $5,000. Required: Prepare journal entries to record the purchase and the related year-end adjusting entry. Prepare the journal entry to record the related year-end adjusting entry on December 31 . General Journal Instructions

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