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Recording Asset Purchase and Depreciation Atoz Co, purchased equipment on June 1 for $50,000 cash. The company plans to depreciate the asset evenly over its

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Recording Asset Purchase and Depreciation Atoz Co, purchased equipment on June 1 for $50,000 cash. The company plans to depreciate the asset evenly over its useful life of 10 years. a. Record the entry for the purchase on June 1. b. Record the required adjusting entry on December 31. Note: Round your answers to the nearest dollar. For example, enter 5 for 5.49 and enter 6 for 5.50

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