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A company purchased a used car for $6,500. It is listed in the automobile magazine for $7,200. The owner thinks that she would be able

A company purchased a used car for $6,500. It is listed in the automobile magazine for $7,200. The owner thinks that she would be able to sell it for $6,800. Based on historical cost, what is the amount that the company should record in the book?

Multiple Choice $7,200 $7,000 $6,800 $6,500

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