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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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
Transcribed Image Text:The Valz Corporation had a balance in its Equipment account at the beginning of the year of $650,000. During the year, equipment that originally cost $170,000 and had accumulated depreciation of $40,000 was sold
for $134,000. The ending balance of the Equipment account was $550,000. What was the cost of the additional equipment purchased during the year?
Multiple Choice
$70,000
$40,000
$170,000
$174,000
Expert Solution
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