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Romero Company purchased a depreciable asset for $500,000 on April 1, 2010. The estimated salvage value is $50,000, and the estimated total useful life is 5 years. The straight-line method is used for depreciation. What is the balance in accumulated depreciation on May 1, 2013 when the asset is sold?
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Purpose the bank reconciliation for September 2009 in good form. Purpose the necessary journal entries in the books of Frank Industries as at Septembet 30, 2009 as necessitated by the bank reconciliation.
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