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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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
Transcribed Image Text:Rio's company purchased equipment for $1,000,000
which was estimated to have a useful life of 15 years with
a salvage value of $25,000 at the end of that time.
Depreciation has been entered for 5 years on a straight-
line basis. In 2021, it is determined that the total
estimated life should be 10 years with no salvage value
at the end of that time.
Prepare the entry to record depreciation for 2021.
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