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A company bought a new machine for its warehouse on January 1: - Paid $10,000 in cash - Financed the rest of the purchase price

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A company bought a new machine for its warehouse on January 1: - Paid $10,000 in cash - Financed the rest of the purchase price via a $30,000 5-year note - Incurred a separate $2,000 setup charge Monthly depreciation is $500 ( $6,000 annual). What's the book value of the new machine on December 31? $9,500 $24,000 $36,000

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