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Joe owed Sam $5000. After the money was due, he approached Sam and told him that he couldn't pay the money, but if Sam was willing to take $3000 that day in full satisfaction of the debt, he could come up with that money. Sam agreed to take the money and, in fact, took the money. Once he had it in his possession, he then turned around and sued Joe for the other $2000. Explain the likely outcome.
Fixed Asset
Long-term tangible property owned by a business, used in its operations and not expected to be consumed or converted into cash in the short term.
Acquisition Cost
The total cost incurred to acquire an asset, including the purchase price and all other expenses necessary to bring the asset to its intended use.
Equipment
Tangible assets used in the operation of a business, such as machinery, computers, and furniture, which are not intended for sale.
Installation Costs
The expenses associated with setting up or installing equipment, machinery, or software.
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