If on December 31, 2012, Garsden owned machinery that it had purchased 5 years earlier for $80,000
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If on December 31, 2012, Garsden owned machinery that it had purchased 5 years earlier for $80,000 with an estimated life of 10 years, it would probably report the asset amount as [$80,000 / less than $80,000] representing the amount of cost that has not yet been used up. (Calculating this amount involves depreciation, described in Part 7 .)
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