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On January 1, 2016, ABC Corporation purchased Equipment C for $72,000. Equipment C is expected to have a useful life of 8 years, and a salvage value of $2,400. Assume that ABC uses the straight-line method of depreciation for Equipment C. A Prepare the journal entry to record depreciation on the equipment for 2016. (5)

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Answer:

Debit : Depreciation $8,700

Credit : Accumulated Depreciation $8,700

Explanation:

the journal entry to record depreciation on the equipment for 2016.

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