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Tri-City Ironworks Co. reported $44,500,000 for equipment and $29,800,000 for accumulated depreciation-equipment on its balance sheet. Does this mean (a)

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Tri-City Ironworks Co. reported $44,500,000 for equipment and $29,800,000 for accumulated depreciation-equipment on its balance sheet.
Does this mean
(a) That the replacement cost of the equipment is $44,500,000
(b) That $29,800,000 is set aside in a special fund for the replacement of the equipment? Explain.

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No 44 500 000 is not the replacement cost of the equipment T…View the full answer


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Corporate Financial Accounting

Corporate Financial Accounting

ISBN: 978-1133952411

12th edition

Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac

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Question Details
Chapter # 9
Section: Exercises
Problem: 7
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Question Posted: February 28, 2014 08:39:02
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