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Below Is Selected Information Taken from the Balance Sheet of Huy

question 34

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Below is selected information taken from the balance sheet of Huy Corporation as of 12/31/06. 12/31/0512/31/06 Land $100,000$100,000 Machines 80,00070,000 Gross property, plant, & equipment 180,000170,000 Accumulated depreciation 25,00010,000 Net property, plant, & equipment $155,000$160,000 Depreciation expense $5,000\begin{array}{lrr}&\underline{12 / 31 / 05}&\underline{12 / 31 / 06}\\\text { Land } & \$ 100,000 & \$ 100,000 \\\text { Machines } & \underline{80,000} & \underline{70,000} \\\text { Gross property, plant, \& equipment } & 180,000 & 170,000 \\\text { Accumulated depreciation } & \underline{25,000} & \underline{10,000} \\\text { Net property, plant, \& equipment } & \underline{\$ 155,000} & \underline{\$ 160,000} \\\text { Depreciation expense } & & \$ 5,000\end{array}

-During fiscal 2006, Huy sold fully depreciated assets that originally cost $20,000 for $4,000. In 2006, they purchased assets that cost:

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Definitions:

Surveys

The use of questionnaires to gather data from participants, who answer questions on the relevant variables.

Beneficial Effects

Positive outcomes or advantages that result from a specific action, policy, or situation.

Annual Basis

Refers to something calculated, evaluated, or occurring every year.

Computerized Surveying

The use of digital techniques and tools to conduct surveys, often leading to more efficient data collection and analysis.

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