CNBC reported that one in five consumers who purchase bitcoin do so using their credit card. Melissa Gamez purchased a used RV with 19,300 miles for $47,200. Originally the RV sold for $71,500 with a residual value of $20,300. After subtracting the residual value, depreciation allowance per mile was $0.89. 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? O Yes O No

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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**Text Analysis:**

CNBC reported that one in five consumers who purchase bitcoin do so using their credit card. Melissa Gamez purchased a used RV with 19,300 miles for $47,200. Originally the RV sold for $71,500 with a residual value of $20,300. After subtracting the residual value, depreciation allowance per mile was $0.89.

**Question:**

How much was Melissa’s purchase price over or below the book value?
**Note:** Input the amount as a positive value.

**Input Fields:**

- Purchase price was [ ]
- the book value by [ ]

**Additional Question:**

Does she have any equity that might assist her with purchasing bitcoin?

- ∘ Yes
- ∘ No

**Analysis:**

This prompt asks you to calculate the difference between the purchase price and the book value of Melissa's RV and to consider if she has any equity for purchasing bitcoin.
Transcribed Image Text:**Text Analysis:** CNBC reported that one in five consumers who purchase bitcoin do so using their credit card. Melissa Gamez purchased a used RV with 19,300 miles for $47,200. Originally the RV sold for $71,500 with a residual value of $20,300. After subtracting the residual value, depreciation allowance per mile was $0.89. **Question:** How much was Melissa’s purchase price over or below the book value? **Note:** Input the amount as a positive value. **Input Fields:** - Purchase price was [ ] - the book value by [ ] **Additional Question:** Does she have any equity that might assist her with purchasing bitcoin? - ∘ Yes - ∘ No **Analysis:** This prompt asks you to calculate the difference between the purchase price and the book value of Melissa's RV and to consider if she has any equity for purchasing bitcoin.
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