On January 1, Year 1, Astor Corporation purchased and placed a plant asset in service. The following information is available regarding the plant asset: Acquisition cost Estimated salvage value $130,000 Estimated useful life $15,000 5 years Make the necessary adjusting journal entries at December 31, Year 1, and December 31, Year 2 to record deprec

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On January 1, Year 1, Astor Corporation purchased and placed a plant asset in service. The following information is available regarding the plant asset: Acquisition cost Estimated salvage value

$130,000

Estimated useful life

$15,000

5 years Make the necessary adjusting journal entries at December 31, Year 1, and December 31, Year 2 to record depreciation for each year under the straightline depreciation method. Please submit your file attachment response in one of the approved file formats; Word file (.doc or .docx), Excel file (.xls or .xlsx), or PDF. To submit photo or image files please paste them into Word or PDF. Consult with your instructor as needed on their preferred file attachment format.

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