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What is the annual depreciation expense

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Reference no: EM132686653

Question - A business purchased equipment and fixtures for $26,000 in 2018. The assets have a useful life of 6 years with $2,000 residual value. The corporation took 1/2 year depreciation in year of purchase, 2018.   

What is the annual depreciation expense using the Straight Line Depreciation Formula?

What is the journal entry for this transaction?

Reference no: EM132686653

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