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What would be reported for accumulated depreciation

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Question - Charlie purchased the boat, Fishfull Thinking, on January 1, 2018 for $90,000. In addition, he incurred $5,000 in sales taxes.   He spent an additional $10,000 renovating the boat to prepare it for its intended use - charter fishing. He estimated the salvage value of the equipment to be $15,000 and expects to use it for 20 years.  He uses the straight-line method of depreciation. On the 2020 year-end financial statements (after three years of holding the asset), what would be reported for "Accumulated Depreciation"?

Reference no: EM132915690

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