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On October 1, 2018, Hobart Mig. Co. purchased a dril press at a cost of $36,000. The drill press is expected to last 10 years

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On October 1, 2018, Hobart Mig. Co. purchased a dril press at a cost of $36,000. The drill press is expected to last 10 years and have a residual value of 36,000 The journal entry to record depreciation expense Decreases net income and total assets O Decreases assets, increases net income Decreases net income and decreases the contra asset account Increases net income and total assets

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