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9.5 A lift truck priced at $38,000 is acquired by trading in a similar lift truck and paying cash for the remaining balance. Assuming that

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9.5 A lift truck priced at $38,000 is acquired by trading in a similar lift truck and paying cash for the remaining balance. Assuming that the trade-in allowance is $9,000 and the book value of the asset traded in is $7,808, what is the cost basis of the new asset for the computation of depreciation for tax purposes

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