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Determining the original cost of the asset

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A company sold equipment for $55,000. Total accumulated depreciation at the time of the sale was $22,500 and a loss of $12,500 was recognized on the sale. What was the original cost of the asset?

  • $42,500
  • $32,500
  • $90,000
  • $67,500
  • $77,500

Reference no: EM13973132

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