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How the transaction affects the three financial statements

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Problem 1: A company buys a piece of equipment for $100. It estimates that the equipment has a useful life of 4 years and a salvage value of $20. (You can assume straight-line depreciation). Explain how this transaction affects the three financial statements 1) when the company first buys the equipment and 2) over the next 4 years.

Reference no: EM132824124

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