On January 1, 2007, XYZ Company has machinery on the books that originally cost $200,000. In 2007, the following expenditures were made:
Minor Repairs: $5,000
IMproveMents: $10,000
Additions: $37,000
Given the above data, how much would be recorded in the Machinery Account on December 31,2007?
Correct Answer: $247,000
Explanation:
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