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Carey Company's equipment account increased $800,000 during the period; the related accumulated depreciation increased $60,000. New equipment was purchased at a cost of $1,400,000 and

Carey Company's equipment account increased $800,000 during the period; the related accumulated depreciation increased $60,000. New equipment was purchased at a cost of $1,400,000 and used equipment was sold at a loss of $40,000. Depreciation expense was $200,000. Proceeds from the sale of the used equipment were a. $420,000. b. $500,000. c. $560,000. d. $640,000.

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