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CNBC reported that one in five consumers who purchase bitcoin do so using their credit card. Melissa Gamez purchased a used RV with 19,800 miles for $47,700. Originally the RV sold for $74,000 with a residual value of $20,800. After subtracting the residual value, depreciation allowance per mile was $0.94. How much was Melissa's purchase price over or below the book value? Note: Input the amount as positive value. Purchase price was the book value by Does she have any equity that might assist her with purchasing bitcoin? No Yes

CNBC reported that one in five consumers who purchase bitcoin do so using their credit card. Melissa Gamez purchased a used RV with 19,800 miles for $47,700. Originally the RV sold for $74,000 with a residual value of $20,800. After subtracting the residual value, depreciation allowance per mile was $0.94. How much was Melissa's purchase price over or below the book value? Note: Input the amount as positive value. Purchase price was the book value by Does she have any equity that might assist her with purchasing bitcoin? No Yes

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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CNBC reported that one in five consumers who purchase bitcoin do so using their credit card. Melissa Gamez purchased a used RV with 19,800 miles for $47,700. Originally the RV sold for $74,000 with a residual value of $20,800. After subtracting the residual value, depreciation allowance per mile was $0.94. How much was Melissa's purchase price over or below the book value? Note: Input the amount as positive value. Purchase price was the book value by Does she have any equity that might assist her with purchasing bitcoin? No Yes
Transcribed Image Text:CNBC reported that one in five consumers who purchase bitcoin do so using their credit card. Melissa Gamez purchased a used RV with 19,800 miles for $47,700. Originally the RV sold for $74,000 with a residual value of $20,800. After subtracting the residual value, depreciation allowance per mile was $0.94. How much was Melissa's purchase price over or below the book value? Note: Input the amount as positive value. Purchase price was the book value by Does she have any equity that might assist her with purchasing bitcoin? No Yes
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