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Party Town Amusement Park paid $500,000 for a concession stand. Party Town started out depreciating...

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Accounting

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Party Town Amusement Park paid $500,000 for a concession stand. Party Town started out depreciating the building using the straight-line method over 25 years with a residual value of zero. After using the concession stand for five years, Party Town determines that the building will remain useful for only five more years. Record Party Town's depreciation on the concession stand for year six using the straight-line method. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Date Accounts Debit Credit

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