Question: Please explain the solution to this general accounting problem with accurate explanations. Park Industries purchased a printing press for $12,000 on March 1. The equipment

Please explain the solution to this general accounting problem with accurate explanations.

Park Industries purchased a printing press for $12,000 on March 1. The equipment has an estimated life of 4 years with a residual value of $2,000. Using the straight-line method, what is the journal entry to record depreciation on December 31, assuming no entry has been made to date

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