Suppose a manufacturing plant purchased a new heating system in December, 2015 and, after installing and testing the equipment, it was put into service on January 1, 2016. The total cost to put the equipment into service was $55,000; it is expected to have a useful life of 5 years and a salvage value of $5,000.
Record the Transaction:Using the straight-line method of depreciation, what will the entry be to record depreciation for the 6 months ending June 30, 2016?
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