q what is asset cost and estimated residual, Accounting Basics

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q what is asset cost and estimated residual

Q. What is Asset cost and Estimated residual value?

Asset cost: The asset cost is the sum that a company paid to purchase the depreciable asset.

Estimated residual value: The estimated residual value (scrap value) is the sum that the company can probably sell the asset for at the end of its estimated useful life.

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