Question

Butterfield Ironworks Co. reported $7,500,000 for equipment and $6,175,000 for accumulated depreciation-equipment on its balance sheet.
Does this mean
(a) That the replacement cost of the equipment is $7,500,000
(b) That $6,175,000 is set aside in a special fund for the replacement of the equipment? Explain to welders who have no accounting background what depreciation is.


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  • CreatedSeptember 15, 2015
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