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Our company purchases equipment for $300,000 on 1/1/21, salvage value $30,000, useful life 10 years. The Accumulated Depreciation account balance after two years of depreciation

Our company purchases equipment for $300,000 on 1/1/21, salvage value $30,000, useful life 10 years. The Accumulated Depreciation account balance after two years of depreciation expense using straight line depreciation is $$60,000.

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Question 2

Best Buy has a cash sale of computer equipment to a customer for $1,000. The PA sales tax is 6%. The amount of cash collected by Best Buy for the sale is $1,600.

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