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47. A Co. reported the following on its December 31, 2020, balance sheet: Equipment (at cost) $700,000 In a disclosure note, A indicates that it
47. A Co. reported the following on its December 31, 2020, balance sheet: Equipment (at cost) $700,000 In a disclosure note, A indicates that it uses straight-line depreciation over seven years and estimates salvage value as 10% of cost. A's equipment age averages 3.5 years at December 31, 2020. What is the book value of A's equipment at December 31, 2020? + A. $315000. B. $295,000. C. $259,000 D. $385,000
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