Sebastian purchases two pieces of equipment for $100,000. Appraisals of the equipment indicate that the fair market value of the first piece of equipment is $72,000 and that of the second piece of equipment is $108,000. What is Sebastian's basis in these two assets? Do not round your interim calculations. If required, round your final answers to the nearest dollar. Sebastian's basis for the first piece of equipment is $____ and $_______ for the second piece of equipment.
Sebastian purchases two pieces of equipment for $100,000. Appraisals of the equipment indicate that the fair market value of the first piece of equipment is $72,000 and that of the second piece of equipment is $108,000. What is Sebastian's basis in these two assets? Do not round your interim calculations. If required, round your final answers to the nearest dollar. Sebastian's basis for the first piece of equipment is $____ and $_______ for the second piece of equipment.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Sebastian purchases two pieces of equipment for $100,000. Appraisals of the equipment indicate that the fair market value of the first piece of equipment is $72,000 and that of the second piece of equipment is $108,000. What is Sebastian's basis in these two assets?
Do not round your interim calculations. If required, round your final answers to the nearest dollar.
Sebastian's basis for the first piece of equipment is $____ and $_______ for the second piece of equipment.
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