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What would the journal entries for the following problem be? Purchased new office equipment for $97,000 with cash from California Furniture on January 1, 2019.

What would the journal entries for the following problem be?

Purchased new office equipment for $97,000 with cash from California Furniture on January 1, 2019. The new furniture will be depreciated over a ten-year period on a straight-line basis. The cabinet has an estimated salvage value of $5,000.

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