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At the end of its first year of operations the trial

1. At the end of its first year of operations, the trial balance of Rafael Company shows Equipment $30,000 and zero balances in Accumulated Depreciation-Equipment and Depreciation Expense. Depreciation for the year is estimated to be $3,000. Prepare the adjusting entry for depreciation at December 31, and indicate the balance sheet presentation for the equipment at December 31.

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Accounting Basics: At the end of its first year of operations the trial

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Accounting Basics: At the end of its first year of operations the trial

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