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New machinery and equipment was purchased during the year for a total...

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Accounting

New machinery and equipment was purchased during the year for a total cost of $680,000. Depreciation expense for the year on machinery and
equipment was $220,000. No machinery or equipment was sold or otherwise disposed of during the year. During the year, the net book value of
machinery and equipment:
Multiple Choice
decreased by $460,000.
increased by $680,000.
decreased by $220,000.
increased by $460,000.
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