Multiple Choice
Equipment with an estimated market value of $55,000 is offered for sale at $75,000. The equipment is acquired for $20,000 in cash and a note payable of $40,000 due in 30 days. The amount used in the buyer's accounting records to record this acquisition is
A) $55,000
B) $60,000
C) $20,000
D) $75,000
Correct Answer:
Verified
Correct Answer:
Verified
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