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Purchased land and a building for $100,000 and $260,000, respectively. Sherman made a 25% down payment. The remaining balance was financed with a 90 month,
Purchased land and a building for $100,000 and $260,000, respectively. Sherman made a 25% down payment. The remaining balance was financed with a 90 month, 5% note payable. Sherman estimates annual depreciation on the building amounts to $9,500. At the start of the month, Sherman paid annual insurance premiums of $4,500. Purchased computers for $5,000. Sherman estimates annual depreciation is $1,500. Received a $2,000 deposit from a customer for a special order. As of October 31 , 2021,75% of the order was fulfilled. Sherman charged a 25% markup on this particular order
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