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record the transaction On July 1, P3 is made aware that one of their industrial ovens, used in making cakes, will only last an additional

record the transaction

On July 1, P3 is made aware that one of their industrial ovens, used in making cakes, will only last an additional 5 years. The oven originally cost $350,000 and currently has a book value of $170,000. This was based on an original residual value of $5,000 and an initial 23 year life.

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