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Find the acquisition cost of the machinery was

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Problem 1: On January 3, 2018, City Corp. purchased machinery. The machinery has an estimated useful life of eight years and an estimated residual value of $67,500. City uses straight-line depreciation for all their machinery, and recorded $115,500 depreciation expense for 2020. The acquisition cost of the machinery was

Select one:

a. $991,500
b. $924,000
c. $856,500
d. $655,500

Reference no: EM132711115

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