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Use the following information to answer questions 5 and 6: I bought a combine for $350,000. I expect the useful life to be 5 years

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Use the following information to answer questions 5 and 6: I bought a combine for $350,000. I expect the useful life to be 5 years and salvage value to be $75,000. This is the second year that I have had the combine. Auctions in my area that I typically use for determining value have had sales of similar combines with similar hours and etc. averaging $275,000. However, I have noticed some national websites have similar combines for $325,000. Use this information to complete the balance sheet entries below. Assume straight-line depreciation. 5. What is the value for the Cost Basis balance sheet? 6. What is the value for the Market Basis balance sheet? Cost Basis Market Basis Machinery, combine

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