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Holman Company owns equipment with an original cost of $97,880 and an estimated salvage value...

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Accounting

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Holman Company owns equipment with an original cost of $97,880 and an estimated salvage value of $6,440 that is being depreciated at $15,240 per year using the straight-line depreciation method, and only prepares adjustments at year-end. The adjusting entry needed to record annual depreciation is: Multiple Choice Debit Depreciation Expense, $15,240; credit Equipment, $15,240. Debit Equipment, $15,240; credit Accumulated Depreciation, $15,240. Debit Depreciation Expense, $8,800; credit Accumulated Depreciation, $8,800. o Debit Depreciation Expense, $8,800; credit Equipment, $8,800. 0 Debit Depreciation Expense, $15,240; credit Accumulated Depreciation, $15,240

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