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Question - Use the information below to answer the questions that follow. Enter your answers using digits only - no dollar signs, commas, or decimal points. The business's year-end is December 31.
Cost of equipment = 149000
Useful life in years = 5
Residual value = 17000
Date purchased = November 1
Required -
1. What is the depreciation expense per year?
2. What is the depreciation expense per month?
3. What is the depreciation expense in the year of purchase?
Question - Prepare reversing entry - Dec. 3 Acquired P75,000 of office equipmeent, paying P37,000 down with the balance due in 30 days
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