Ch. 2 Problems

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\ 4\ Problem 2-7 Calculating Net Capital Spending [LO4]\ 1.11\ points\

00:50:40

\ Wallace Driving School's 2020 balance sheet showed net fixed assets of

$5.5

million, and the 2021 balance sheet showed net fixed assets of

$6.1

million. The company's 2021 income statement showed a depreciation expense of

$360,000

. What was net answer in dollars, not million (Do not round intermediate calculations and enter your answer in dollars, not millions of dollars, e.g., 1,234,567.)\ Net capital spending\ References\ Mc\ Grav

Problem 2-7 Calculating Net Capital Spending [LO4] Wallace Driving School's 2020 balance sheet showed net fixed assets of $5.5 million, and the 2021 balance sheet showed net fixed assets of $6.1 million. The company's 2021 income statement showed a depreciation expense of $360,000. What was net capital spending for 2021? (Do not round intermediate calculations and enter your answer in dollars, not millions of dollars, e.g., 1,234,567.)