Question
Equipment with an appraisal value of $37,000 is offered for sale on for $42,000. The purchaser acquires it for $30,000 in cash and a 90-day
Equipment with an appraisal value of $37,000 is offered for sale on for $42,000. The purchaser acquires it for $30,000 in cash and a 90-day $5,000 note payable. The amount to be recorded as the cost of the equipment on the buyer's books would be
| $47,000 |
| $37,000 |
| $42,000 |
| $35,000 |
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The Internal Auditing Handbook
Authors: K. H. Spencer Pickett
2nd Edition
0470848634, 978-0470848630
