New automobile for purpose of computing depreciation

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A fire destroyed Mr. dude's business automobile. Mr. dude originally paid $8,000 for the autompbile and, up to the time of the fire, had been allowed $5,000 in depreciation. Within 3 month, the insurance company replaced the old automobile with a new automobile for purpose of computing depreciation? 1. $3,000 2. $5,000 3. $7,000 4. $8,000

Reference no: EM131067234

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