A firm has Net plant and equipment = $100 million in 20x0. The following year it reports

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A firm has Net plant and equipment = $100 million in 20x0. The following year it reports Depreciation = $10 million. It makes zero expenditure on Net plant and equipment, but disposes of assets with book value $1 million. The assets actually sell for $1.5 million. The Net plant and equipment at end 20x1 should therefore be

a. $89 million

b. $90 million

c. $90.5 million

d. $91 million

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