Butterfield Ironworks Co. reported $7,500,000 for equipment and $6,175,000 for accumulated depreciation-equipment on its balance sheet. Does
Question:
Does this mean
(a) That the replacement cost of the equipment is $7,500,000
(b) That $6,175,000 is set aside in a special fund for the replacement of the equipment? Explain to welders who have no accounting background what depreciation is.
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a No The 7500000 represents the original cost of the equipment Its replac...View the full answer
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Related Book For 
Accounting
ISBN: 978-0176509743
Volume 1, 2nd canadian Edition
Authors: Carl warren, James Reeve, Jonathen Duchac, Sheila Elworthy,
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