(Answered) Question - determining fixed assets book valuethe balance

Accounting

Question - Determining fixed asset's book value

The balance in the equipment account is $904,000, and the balance in the accumulated depreciation-equipment account is $316,400.

a. What is the book value of the equipment?

b. Does the balance in the accumulated depreciation account mean that the equipment's loss of value is $904,000? Choose "yes" or "no".

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