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On January 1 , Year 1 , the Arnold Company purchased equipment for $26,000 cash....

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Accounting

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On January 1 , Year 1 , the Arnold Company purchased equipment for $26,000 cash. On December 31, Year 1, depreciation of $8,000 was recorded. Which of the following correctly shows the combined effect of these two events on the income statement and statement of cash flows? Arnold uses the direct method

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