A company paid $320,000 for equipment that was expected to last five years and to have a salvage value of $40,000. During the third year of the equipment's life, $39,000 cash was paid for replacement parts that were expected to increase productivity by 10% each year. Prepare the journal entry to record the $39,000 cost incurred in the third year.
What will be an ideal response?
Equipment…………………………………………………. 39,000
Cash…………………………………………………. 39,000
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