XYZ Company purchased equipment for $50,000 on January 1, 20X1. The equipment has an estimated...
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Accounting
XYZ Company purchased equipment for $50,000 on January 1, 20X1. The equipment has an estimated useful life of 5 years and a salvage value of $5,000. Using the straight-line depreciation method, calculate the annual depreciation expense for each year and prepare the journal entry to record depreciation for the second year (20X2).
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