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SFM: A construction company decided to purchase a concrete mixer truck for $75,000 with a...

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Accounting

SFM: A construction company decided to purchase a concrete mixer truck for $75,000 with a trade-in of their old mixer. The old mixer has a trade-in value of $20,000. The new mixer will be kept for 10 years before being sold. Its estimated salvage value at that time is expected to be $5,000. Assume interest to be 12%. Determine the 7th year BVB by Sinking Fund Method.

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