Sheehan Metal Casting Co. reported ($625,000) for equipment and ($310,000) for accumulated depreciation on its balance sheet.
Question:
Sheehan Metal Casting Co. reported \($625,000\) for equipment and \($310,000\) for accumulated depreciation on its balance sheet.
Does this mean
(a) that the replacement cost of the equipment is \($625,000\) and
(b) that \($310,000\) is set aside in a special fund for the replacement of the equipment? Explain.
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Step by Step Answer:
The amounts reported on the balance sheet for equipment and accumulated depreciation do not directly ...View the full answer
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