Question
During 2008, Seaborn Company purchased three pieces of equipment at an auction for the lump sum of $200,000. It cost Seaborn $20,000 to have the
During 2008, Seaborn Company purchased three pieces of equipment at an auction for the lump sum of $200,000. It cost Seaborn $20,000 to have the equipment delivered and installed. The equipment was appraised at the following values:
| Machine 1 | $120,000 |
| Machine 2 | 105,000 |
| Machine 3 | 75,000 |
Machine 2 should be recorded on Seaborn's books at
| a. | $105,000 |
| b. | $120,000 |
| c. | $ 77,000 |
| d. | $ 70,000 |
Please explain the answer. Thank you.
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Essentials Of Accounting
Authors: Robert N. Anthony, Leslie Pearlman Breitner
9th Edition
013149693X, 9780131496934
