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Prepare the journal entry to record depreciation on December

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Question - On July 1, 2019, Pharoah Company purchased new equipment for $70,000. Its estimated useful life was 5 years with a $10,000 salvage value. On December 31, 2022, the company estimated that the equipment's remaining useful life was 10 years, with a revised salvage value of $5,000. Prepare the journal entry to record depreciation on December 31, 2019.

Reference no: EM132753354

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