What adjusting entry is needed on 2010 December 31, to record the depreciation for the entire year… 1 answer below »

Assume that a company acquired a building on 2010 January 1, at a cost of USD 1,000,000. The building has an estimated useful life of 40 years and an estimated residual value of USD 200,000. What adjusting entry is needed on 2010 December 31, to record the depreciation for the entire year 2010?

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