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What the journal entry required for depreciation expense

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Question - A company purchased equipment in 2010 for $100,000 with a residual value of $2,000 and a 10-year expected life. At the beginning of 2012, the company discovered the equipment will have a useful life of 3 more years and have a $0 residual value. What the journal entry required for depreciation expense in 2012? What is the equation used for solving this?

Reference no: EM133107895

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