XYZ Company reported the following information on its balance sheet:
01/01/07 Building: $800,000 Accumulated Depreciation: $200,000
12/31/07 Building: $785,000 Accumulated Depreciation: $225,000
In 2007, the company also purchased a building at a cost of $100,000.
Considering the above data, did the company sell any building during the year, and if so, what was its original cost?
Correct Answer: Yes, and its original cost was $115,000.
Explanation:
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