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Makes adjusting entries annually

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Question 1: Cullumber Limited purchased delivery equipment on March 1, 2016, for $142,500 cash. At that time, the equipment was estimated to have a useful life of five years and a residual value of $10,430. The equipment was disposed of on November 30, 2018. Cullumber uses the diminishing-balance method at one times the straight-line depreciation rate, has an August 31 year end, and makes adjusting entries annually.

Reference no: EM132512934

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