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Record the purchase of the asset

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Question - Depreciation and Disposal Pipes a Million (PAM), a plumbing supply company purchased a used van on April 1, 2015. The cost, including taxes and transportation was $50,000. PAM expects to use the van for 4 years and they estimate that at the end of its 4 year useful life it will have a salvage value of $2,000. PAM uses straight-line depreciation. Record the purchase of the asset.

Reference no: EM132513232

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