Question: At the end of Rafael Limited s first year of operations
At the end of Rafael Limited's first year of operations, its trial balance shows Equipment $20,000; Accumulated Depreciation- Equipment $0; and Depreciation Expense $0. Depreciation for the year is estimated to be 54,000. Prepare the adjusting entry for depreciation at December 31, and provide the balance sheet presentation for the equipment at December 31.
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