Prepare the adjusting entry to record depreciation expense

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Reference no: EM131881956

A company purchased a building at the beginning of the year for $200,000 and is using straight-line depreciation to depreciate it over 20 years. The salvage value of the building is $50,000. Prepare the adjusting entry to record the depreciation expense for the current year.

DEBIT: Accumulated Depreciation for $5,000; CREDIT: Depreciation Expense for $5,000

DEBIT: Accumulated Depreciation for $7,500; CREDIT: Depreciation Expense for $7,500

DEBIT: Depreciation Expense for $5,000; CREDIT: Accumulated Depreciation for $5,000

DEBIT: Depreciation Expense for $7,500; CREDIT: Accumulated Depreciation for $7,500

Reference no: EM131881956

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