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On July 1, 20X5 a company purchased equipment for $25,000.The equipment has a 10 year estimated useful life at which time its salvage value is
On July 1, 20X5 a company purchased equipment for $25,000.The equipment has a 10 year estimated useful life at which time its salvage value is estimated to be $5,000.Assuming the company uses the straight line method of depreciation, the company's journal entry for the equipment's depreciation for the year ended 12/31/X6 would include a credit to
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