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:

Utopian Community

An intentional community created to achieve an ideal social, political, and economic system, often based on visionary and idealistic principles.

Oneida

A Native American tribe originally from the area of upstate New York, known for its unique social practices and as a member of the Iroquois Confederacy.

Celibacy

The condition of refraining from both marriage and sexual activities, frequently due to religious or spiritual motivations.

Abolitionists

Individuals who advocated for and worked towards the end of slavery.