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When examining the company books to prepare the financial statements for the Pryor company for the year 203, the accountant noticed the following. On January

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When examining the company books to prepare the financial statements for the Pryor company for the year 203, the accountant noticed the following. On January 1, 20x0. Pryor bought a truck for $108,000. The truck had an $8,000 estimated salvage value and a six-year expected useful life. On the purchase date, the company debited an expense account and credited cash for the entire cost of the asset. Prepare the journal entry(ies) necessary to correct the books for this transaction. Assume the books have not been closed for method. Ignore income tax

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