The It's Meat Honest burger company $2.5 million in equipment and has an accumulated depreciation account of $1.1 million. Which statement is true: 1 the market value of equipment is $2.5 million 2. The net book value of equipment js 1.4 million 3. the resale value of equipment is $1.4 million 4. the carrying value of equipment is $2.5 million

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter11: Long-term Assets
Section: Chapter Questions
Problem 12PA: Garcia Co. owns equipment that costs $76,800, with accumulated depreciation of $40,800. Garcia sells...
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The It's Meat Honest burger company $2.5 million in equipment and has an accumulated depreciation account of $1.1 million. Which statement is true:
1 the market value of equipment is $2.5 million
2. The net book value of equipment js 1.4 million
3. the resale value of equipment is $1.4 million
4. the carrying value of equipment is $2.5 million
Transcribed Image Text:The It's Meat Honest burger company $2.5 million in equipment and has an accumulated depreciation account of $1.1 million. Which statement is true: 1 the market value of equipment is $2.5 million 2. The net book value of equipment js 1.4 million 3. the resale value of equipment is $1.4 million 4. the carrying value of equipment is $2.5 million
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