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Problem 4 On January 1, 2020, ABC Corporation purchased a new snow-grooming machine for $50,000. The machine is estimated to have a 10-year life with

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Problem 4 On January 1, 2020, ABC Corporation purchased a new snow-grooming machine for $50,000. The machine is estimated to have a 10-year life with a $2,000 salvage value. What journal entry would ABC Corporation make at December 31, 2020, if it uses the (a) straight-line and (b) declining- balance method of depreciation

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