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Crane Limited purchased delivery equipment on March 1, 2016, for $117,500 cash. At that time,...

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Accounting

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Crane Limited purchased delivery equipment on March 1, 2016, for $117,500 cash. At that time, the equipment was estimated to have a useful life of five years and a residual value of $ 9,250. The equipment was disposed of on November 30, 2018. Crane uses the diminishing-balance method at one times the straight-line depreciation rate, has an August 31 year end, and makes adjusting entries annually

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