A Machine That Cost $40,000 and Had Accumulated Depreciation of $30,000

question 76

Multiple Choice

A machine that cost $40,000 and had accumulated depreciation of $30,000 was traded in on a new machine,which had an estimated 20-year life and a cash price of $50,000.If a $7,000 trade-in allowance was received on the old machine,the new machine should be valued at

• A)$10,000
• B)$40,000
• C)$47,000
• D)$50,000
• E)$53,000

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Definitions:

American Nickname

An informal, sometimes affectionate or humorous name given to someone or something from the United States, distinguishing them from others.

Cultural Alienation

The feeling of being estranged or isolated from one’s native culture or society.

Bilingualism

The ability to understand and use two languages proficiently.

Resilience

The capacity to recover quickly from difficulties; emotional strength in face of adversity.