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Question 3: assume that we purchased and asset with a cost of 100,000, no salvage value and a useful life of 10. assume that we

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Question 3: assume that we purchased and asset with a cost of 100,000, no salvage value and a useful life of 10. assume that we purchased the asset on 1.1.2020 and we elected the double declining balance method but at the beginning of 2024, the company decided to switch to Straight line method and apply it from 2024 onward. Required: to record the adjusting entry 2024

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