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The Equipment purchased for $18,500, has estimated depreciation of $5,000 for 2016, but none has been recorded yet. For this problem, you are to assume

The Equipment purchased for $18,500, has estimated depreciation of $5,000 for 2016, but none has been recorded yet. For this problem, you are to assume it is december 31, 2016. You are supposed to prepare an intial journal entry and then an adjusting journal entry. How do i do the intial and adjusting journal entry?

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