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Company management decided to sell some furniture. The furniture cost $ 52,000, had accumulated depreciation of $45,000, and was sold for $5,000 cash. What is the book value of the furniture when the sale is made? Multiple Choice $ 40,000. $7,000. $2,000. $ 12,000. $ 47,000.

Company management decided to sell some furniture. The furniture cost $ 52,000, had accumulated depreciation of $45,000, and was sold for $5,000 cash. What is the book value of the furniture when the sale is made? Multiple Choice $ 40,000. $7,000. $2,000. $ 12,000. $ 47,000.

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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Company management decided to sell some furniture. The furniture cost $ 52,000, had accumulated depreciation of $ 45,000, and was sold for $5,000 cash. What is the book value of the furniture when the sale is made? Multiple Choice $ 40,000. $ 7,000. $ 2,000. $ 12,000. $ 47,000.
Transcribed Image Text:Company management decided to sell some furniture. The furniture cost $ 52,000, had accumulated depreciation of $ 45,000, and was sold for $5,000 cash. What is the book value of the furniture when the sale is made? Multiple Choice $ 40,000. $ 7,000. $ 2,000. $ 12,000. $ 47,000.
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