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Compute the annual depreciation expense

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Question - Carol's Boutique purchased sewing equipment on January 1, 20X5, for $50,000. Its expected useful life is 10 years or 100,000 units of production, and its residual value is $1,000. Using straight-line depreciation, compute the annual depreciation expense for 20X5 and 20X6. Bonus: What would the journal entry look like to record the depreciation expense?

Reference no: EM132182059

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