8) Noonan Industries balance in gross fixed assets was equal to $18,500,000 at the end...
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Finance
8) Noonan Industries balance in gross fixed assets was equal to $18,500,000 at the end of 2002. During the next year, it spent $6,530,000 on plant and equipment and had depreciation expense of $2,540,000. It wrote off $3,500,000 in fully depreciated equipment during the year. Find the balance in gross fixed assets at the end of 2003. (6 points)
a. $21,580,000
b. $9,480,000
c. $19,040,000
d. $26,040,000
My issue with this problem is that I get $21,530,000. I think that answer a might have a typo. Another answer on Chegg shows answer d, but I don't understand how this could be the correct answer. Please show work!
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