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Provide all required journal entries for each fiscal year

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Question - Plant, Property, and Equipment - please provide all required journal entries (account, amounts) for each fiscal year for the following individual piece of equipment: Assume a December 31 year end.

Year 1: April 1, 2020 - purchased a truck for $75,000. The truck has an expected useful life of 10 years, and a residual value of $5,000.

Year 2: any required entries

Year 3: The truck was sold on January 1 for its net book value.

Reference no: EM133167165

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