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Prepare the adjusting journal entries for ten years of an equipment's life. Cost of equipment $60,000. They will last 10 years. The salvage value will

Prepare the adjusting journal entries for ten years of an equipment's life. Cost of equipment $60,000. They will last 10 years. The salvage value will be $5,000. The depreciation rate is 10% per year.

Prepare ten Adjusting entries for this equipment using each of the two methods:

a. The Straight Line Method.

b. The Declining Balance Method.

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