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On September 1,2012,Algernon Company Sold a Truck for $15,000 Cash

question 106

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On September 1,2012,Algernon Company sold a truck for $15,000 cash.The truck was originally purchased for $40,000,had an estimated salvage value of $4,000 and an estimated life of 6 years.Algernon had recorded depreciation of $30,000 through the end of 2011 using the straight-line method.Algernon had to update the depreciation prior to sale.After updating the depreciation,how much was the total accumulated depreciation on the truck?

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Definitions:

Treaty

A formally negotiated and ratified agreement between or among countries.

Convention

A formal agreement between states, often a treaty, or a large meeting or conference, especially of members of a profession or a political party.

Treaty Conflicts

Situations where provisions or obligations in an international treaty conflict with either another treaty or a country's domestic laws.

Federal Statute

A law passed by the United States Congress and signed by the President or allowed to become law, which applies to the entire country.

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