On June 30, 2009, Newsom Company sold equipment for $7,250 that had been acquired for...
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Accounting
On June 30, 2009, Newsom Company sold equipment for $7,250 that had been acquired for $14,500 on January 1, 2007. Newsom originally estimated that the computer would have a five-year useful life and a $500 salvage value. Newsom used straight-line depreciation. The companys fiscal year ends on December 31 and records depreciation expense at the end of each fiscal year. Determine the book value of the computer on December 31, 2008.
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