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Royal Stables purchased new equipment for their barn on July 1, 2016. The new equipment had a cost of $100,000, estimated salvage of $20,000 and

Royal Stables purchased new equipment for their barn on July 1, 2016. The new equipment had a cost of $100,000, estimated salvage of $20,000 and an expected useful life of 10 years. Prepare the journal entry for the December 31, 2016 and 2017 amortization. Note: Royal Stables uses the straight-line method of depreciation.

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