Prepare journal entries for the gvien transactions

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Question - Prepare journal entries for the following transactions.

2018

Jan. 1 Purchased a building for $84,000 cash, $4,000 residual value, 20-year expected life, double-declining-balance amortization.

May 1 Purchased equipment for $25,000 cash, $3,000 residual value, 10-year expected life, straight-line amortization.

Dec. 31 Recorded amortization on the building and equipment.

2019

Dec. 31 Recorded amortization on the building and equipment.

Please provide your calculations.

Reference no: EM133133081

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