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Question - Prepare journal entries for the following transactions.
2018
Jan. 1 Purchased a building for $84,000 cash, $4,000 residual value, 20-year expected life, double-declining-balance amortization.
May 1 Purchased equipment for $25,000 cash, $3,000 residual value, 10-year expected life, straight-line amortization.
Dec. 31 Recorded amortization on the building and equipment.
2019
Please provide your calculations.
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