The following accounting data is used for questions 8 and 9: Assets Inventory $530,000 Property, plant & equipment $500,000 Other assets $140,000 Total assets $1,170,000 Condensed Income Statement Revenue $2,000,000 Cost of goods sold $700,000 Other
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City Taxi Service purchased a new auto to use as a taxi on January 1, Year 1, for $36,000. In addition, City paid sales tax and title fees of $1,200 for the vehicle. The taxi is expected to have a five-year life and a salvage value of $4,000.
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