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    sdevereaux Posts: 0, Reputation: 1
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    Feb 11, 2007, 08:02 AM
    journalizing using the declining balance method
    How would I journalize this transaction?

    Paid $5000 to replace the engine. The old engine was estimated to have a value of $2000.
    The new engine is expected to have a useful life equal to the remaining life of the truck, which is 8 years.

    Thanks

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