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Annual adjusting entries

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(What is the Salvage value 14,000 or 35,000?) July 1, 2016, Alpha purchased for $76,000, equipment having a service life of eight years and an estimated residual value of $14,000. Alpha has recorded depreciation of the equipment using the straight line method. On December 31, 2018, before making any annual adjusting entries, the equipment was exchanged for new machinery having a fair value of $35,000. The transaction has commercial substance.

Reference no: EM132203970

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