Vargas Company purchased a computer for $3,000 on January 1, Year 1. The computer is estimated to have a 5-year useful life and a $500 salvage value. What adjusting entry would Vargas record on December 31, Year 1 to recognize expense related to use of the computer?

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The Answer of Vargas Company purchased a computer for $3,000 on January 1, Year 1. The computer is estimated to have a 5-year useful life and a $500 salvage value. What adjusting entry would Vargas record on December 31, Year 1 to recognize expense related to use of the computer?

Vargas Company Purchased a Computer for $3,000 on January 1