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Could you solve clearly? Thanks a lot!! G Corp. began 2010 with $2,000,000 in its equipment account. During 2010, G sold equipment with a historical
Could you solve clearly? Thanks a lot!!
G Corp. began 2010 with $2,000,000 in its equipment account. During 2010, G sold equipment with a historical cost of $300,000 at a $20,000 gain. At the end of 2010, G Corp. had a $3,300,000 balance in the equipment account. G bought new equipment during the year by signing a $200,000 note payable; the note and interest are due in 2011. In 2010, how much cash did G Corp. pay for equipment purchases? a. $1,100,000 b. $1,300,000 c. $1,400,000 d. $1,420,000 e. $1,600,000Step by Step Solution
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