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Business, 06.04.2021 01:00 083055

The accounting records of Shinault Inc. show the following data for 2020 (its first year of operations). 1. Life insurance expense on officers was $9,000. 2. Equipment was acquired in early January for $300,000. Straight-line depreciation over a 5-year life is used, with no salvage value. For tax purposes, Shinault used a 30% rate to calculate depreciation.

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The accounting records of Shinault Inc. show the following data for 2020 (its first year of operatio...
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