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1. Equipment is purchased which has an initial cost of $125,000. It has a 10-year...

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Accounting

1. Equipment is purchased which has an initial cost of $125,000. It has a 10-year life and its salvage value is estimated to be $12,000.

Determine the initial and annual entries in the accounting equation.

2. Equipment is purchased which has an initial cost of $125,000. It has a 10-year life and its salvage value is estimated to be $12,000.

Determine the book value of the asset after six years.

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