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A new drill press was purchased for $148,000 by trading in a similar machine that had a book value of $46,220. Assuming that the trade-in
A new drill press was purchased for $148,000 by trading in a similar machine that had a book value of $46,220. Assuming that the trade-in allowance is $40,000 and that $108,000 cash is to be paid for the new asset, what is the cost basis of the new asset for depreciation purposes
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