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Please show work. Wyatt, Inc. owns a delivery van which he purchased for $50,000. After...

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Accounting

Please show work.

Wyatt, Inc. owns a delivery van which he purchased for $50,000. After depreciation of $30,000 had been deducted, the van was traded-in for a new van that cost $55,000. Wyatt was required to pay the car dealer $25,000 in cash as part of the transaction. What is Wyatts basis for the new van?

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