Question: ABC had $34,100 in net fixed assets at the beginning of the year. During the year, the company purchased $8,500 in new equipment. They also

ABC had $34,100 in net fixed assets at the beginning of the year. During the year, the company purchased $8,500 in new equipment. They also sold, at a price of $1,400, some old equipment with a book value of $1,200. The depreciation expense for the year was $7,000. What is the net fixed asset balance at the end of the year?

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