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On January 1, 2016, Lacy Enterprises purchased a grinder for $320,000. The grinder had a 5-year useful life and a $20,000 salvage value, and straight-line
On January 1, 2016, Lacy Enterprises purchased a grinder for $320,000. The grinder had a 5-year useful life and a $20,000 salvage value, and straight-line depreciation has been recorded. Lacy sold the grinder on May 1, 2020, at a gain of $6,000. How much was Lacy paid for the grinder?
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