The fiscal year for the Wagner Dance Academy, a not-for-profit organization, begins on January 1....
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The fiscal year for the Wagner Dance Academy, a not-for-profit organization, begins on January 1. On the first day of FY 2011, the Wagner Dance Academy purchased new lighting equipment for $400,000. The equipment has a useful life of 10 years and a salvage value of $50,000. Assuming the organization owns no other equipment, the net book value of equipment reported on Wagner Dance Academy's FY 2014 balance sheet is
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