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On January 1, 2019, ABC Company purchased equipment for $90,000. The equipment was assigned a life...

On January 1, 2019, ABC Company purchased equipment for
$90,000. The equipment was assigned a life of 20 years
and a $6,000 residual value. On January 1, 2023, ABC
Company spent $53,000 to overhaul the equipment. This
capital expenditure caused ABC Company to change the
life of the equipment from 20 years to 28 years with
a residual value at the end of the 28 years of $2,000.

Assuming that ABC uses the straight-line depreciation
method, calculate the book value of the equipment at
December 31, 2024.
business   accounting   
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Answer! Given information in the Question ABC company purchased an equipmen an equipment on January Depreciation is charged u

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