On January $1,$ Year $1,$ Astor Corporation purchased and placed a plant asset in service. The following information is available regarding the plant asset:

Acquisition cost

Estimated salvage value

$$130,000$

Estimated useful life

$$15,000$

$5$ years

Make the necessary adjusting journal entries at December $31,$ Year $1,$ and December $31,$ Year $2$ to record depreciation for each year under the straightline depreciation method.

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