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What journal entry is required

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Problem - Group Depreciation Loban Company purchased four cars for $9,000 cash and expects that they will be sold in 3 years for $1,500 each. The company uses group depreciation on a straight-line basis.

Required -

1. Prepare journal entries to record the acquisition and the first year's depreciation expense.

2. If one of the cars is sold at the beginning of the second year for $7,000, what journal entry is required?

Reference no: EM132885591

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