Prepare the necessary entries

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Question - Vaughn Manufacturing uses the straight-line method of depreciation. The company's fiscal year end is December 31. The following transactions occurred during 2022.

Jan. 1 Purchased equipment from the Bramble Corp. for $26,250 plus sales tax of $2,300 and shipping costs of $460.

May 13 Incurred $294 routine maintenance on the equipment.

Dec. 31 Recorded 2022 depreciation on the basis of a 3-year life and estimated salvage value of $10,185.

Required - Prepare the necessary entries.

Reference no: EM133171689

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