On January 1, 2020, Seabreeze Construction Company owned 4 dump trucks, 2 excavators and other construction machinery with a total value of $950,000. During 2020, Seabreeze Construction bought two new trucks paying a total of $120,000. On December 31, 2020, the market value of all the firm's trucks and construction machinery was $1,020,000.

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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On January 1, 2020, Seabreeze Construction Company owned 4 dump trucks, 2 excavators and other
construction machinery with a total value of $950,000. During 2020, Seabreeze Construction bought two new
trucks paying a total of $120,000. On December 31, 2020, the market value of all the firm's trucks and
construction machinery was $1,020,000.
1) What was Seabreeze's gross investment in 2020?
2) What was the amount of depreciation in 2020?
Transcribed Image Text:On January 1, 2020, Seabreeze Construction Company owned 4 dump trucks, 2 excavators and other construction machinery with a total value of $950,000. During 2020, Seabreeze Construction bought two new trucks paying a total of $120,000. On December 31, 2020, the market value of all the firm's trucks and construction machinery was $1,020,000. 1) What was Seabreeze's gross investment in 2020? 2) What was the amount of depreciation in 2020?
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