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6 points) Sean has assembled the following information from the beginning and ending balance sheets. During the year he purchased a new combine for $230,000.

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6 points) Sean has assembled the following information from the beginning and ending balance sheets. During the year he purchased a new combine for $230,000. He borrowed $175,000 and trade-in the old combine for $30,000 and paid $25,000 cash. His old combine had a book value of $0. What was the depreciation for the year? Cost Based Beginning Ending $600,000 $700,000 Machinery

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