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  3. c. accumulated depreciation: the company has only

c. Accumulated Depreciation: The company has only one plant asset (equipment) asset had...

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Accounting

c. Accumulated Depreciation: The company has only one plant asset (equipment)
asset had cost $72,000, had an estimated life of seven years, and is expected to be valued at 16000, and at the end of seven years. The company uses straight-line depreciation method to calculate its depreciation method to calculate its depreciation.
Step 1: Determine what the current account balance equals.
Step 2: Determine what the current account balance should equal.
Step 3: Record the December 31 adjusting entry to get from step 1 to step 2.

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