On October 1, Crazy Carl bought some new canoes from Bill's Boat Barn. Last month...
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Accounting
On October 1, Crazy Carl bought some new canoes from Bill's Boat Barn. Last month he sold all of his canoes because they were old and dirty. He purchased a total of 33 canoes for $45,444. He paid $9,999 in cash and put the remaining balance on account. All balances on account must be fully paid within 9 months. The canoes have an expected life of 7 years, a salvage value of $4,200, and will be depreciated using the straight-line method
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