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Horizon Company owns a building that appears on its prior year-end balance sheet at its original $631,000 cost less $536,350 accumulated depreciation. The building is depreciated on a straight-line basis assuming a 20-year life and no salvage value. During the first week in January of the current calendar year, major structural repairs are completed on the building at a $75,585 cost. The repairs extend its useful life for 7 years beyond the 20 years originally estimated.Determine the book value of the building immediately after the repairs are recorded.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M982559

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