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TJ Maxx a merchandise store that sells discounted clothing merchandise, began operations on January 1, 2020. On December 31, 2020, TJ Maxx purchased equipment for

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TJ Maxx a merchandise store that sells discounted clothing merchandise, began operations on January 1, 2020. On December 31, 2020, TJ Maxx purchased equipment for $200000 to be used in its operations. TJ Maxx elects to use straight-line depreciation for the equipment. Is there an adjusting entry ? If so, The adjusting entry necessary for the year ended December 31, 2020 includes a debit to ? and a credit to

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