Computing reduced amount of assets accounts, Accounting Basics

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Computing reduced amount of assets accounts

A. A company using group method fro its delivery trucks retired one of its delivery truck after average service life of group was reached. Cash proceeds were received from salvage company. Net carrying amount of these group assets accounts would be reduced by?

B. Nimbus Inc bought certain assets under deferred payment contract. Agreement was to pay $30,000 per year for 10 years. Plant assets must be valued at?

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Accounting Basics: Computing reduced amount of assets accounts

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Accounting Basics: Computing reduced amount of assets accounts

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