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Up1
A company had equipment worth $50 million on 1 January. During the year, they purchased equipment for $10 million. On 31 December, the equipment account showed $40 million. All figures are shown at cost, before depreciation. The amount of equipment sold during the end of the year, at cost, would be closest to:
- $0
- $20 million
- $40 million
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Up1
Beginning equipment balance = 50
Plus equipment purchased = 10
Less ending equipment balance =
(40)Historic cost of equipment sold =
20
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