The fixed assets account of Brothers Inc. has a balance of $100,000 and $120,000 at the end of year 2016 and year 2015, respectively. The accumulated depreciation account balances are $50,000 and $60,000 at the end of year 2016 and year 2015, respectively. The depreciation expense in year 2016 is $10,000. Brother Inc. sold a truck for $25,000 in cash and purchased new tools worth $42,000 in year 2016. What is the original cost of the truck sold?

Answer rating: 100% (QA)

We can find the original cost of the truck sold by following these steps Calculate the net book valu... View the full answer