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If the Opening Balance of the Motor Vehicles Asset Account

Question 33

Multiple Choice

If the opening balance of the motor vehicles asset account is $240 000 and the closing balance is $190 000 and motor vehicles that originally cost $85 000 were sold during the year the amount spent on purchases of motor vehicles for the year is:


A) $0
B) $105 000
C) $50 000
D) $35 000

Correct Answer:

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