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An earthquake destroyed Mr. G's business equipment. He originally paid $70,000 for the equipment and...

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Accounting

An earthquake destroyed Mr. G's business equipment. He originally paid $70,000 for the equipment and up to the time of the earthquake, had been allowed $40,000 in depreciation. Within 3 months, the insurance company had replaced the old equipment with new equipment worth 60,000. What is the basis of the new equipment for purpose of computing depreciation?

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