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Your firm purchased equipment costing $400,000 1 year ago. The firm also incurred shipping costs of $18,000 and installation costs of $2,000. The IRS allows
Your firm purchased equipment costing $400,000 1 year ago. The firm also incurred shipping costs of $18,000 and installation costs of $2,000. The IRS allows this category of equipment to be depreciated over 4 years. The equipment is expected to sell for $40,000 today. What is the book value of the asset at the time of the sale?
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