On August 1, Harvey Company offered to pay $15,000 for equipment that was advertised as...
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Accounting
On August 1, Harvey Company offered to pay $15,000 for equipment that was advertised as being sold for $19,000 by Carrone Company. The equipment had a retail value of $24,000 on that day. On August 10, Carrone Company offered to sell the equipment for $16,400, and Harvey Company agreed to buy it at that price. At what value will Harvey Company record the equipment on its books?
a.$16,400
b.$19,000
c.$24,000
d.$15,000
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