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Use the following information to answer the question(s) below.
On January 1, 2012, Shrimp Corporation purchased a delivery truck with an expected useful life of five years, and a salvage value of $8,000. On January 1, 2014, Shrimp sold the truck to Pacet Corporation. Pacet assumed the same salvage value and remaining life of three years used by Shrimp. Straight-line depreciation is used by both companies. On January 1, 2014, Shrimp recorded the following journal entry:
-In preparing the consolidated financial statements for 2014,the elimination entry for depreciation expense was a
Arachnophobia
An intense and irrational fear of spiders and other arachnids, leading to avoidance or distress at the thought or sight of them.
Obsession
Persistent, intrusive, and unwanted thoughts that cause distress or anxiety.
Compulsion
An irresistible urge to behave in a certain way, especially against one's conscious wishes.
Delusion
A false belief held with strong conviction despite superior evidence to the contrary, often occurring as a symptom of a psychiatric disorder.
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