Gravity Hospital purchased a new item of equipment on January 1, 20X1. The equipment has an estimated useful life of ten
Posted: Sun Jul 03, 2022 1:14 pm
Gravity Hospital purchased a new item of equipment on January 1,20X1. The equipment has an estimated useful life of ten years andan expected salvage value of20 percent. Gravity Hospital’s December31, 20X5, balance sheet reports $10,000 of accumulated depreciationon this equipment. What was the cost of the equipment when it wasacquired on January 1, 20X1?