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enyata [817]
3 years ago
11

Q 2.16: according to the historical cost principle, if an asset costs $50,000 when it was purchased, it would be recorded at its

________ over the time the asset is held.
Business
1 answer:
liq [111]3 years ago
4 0
According to the historical cost principle, if an asset costs $50,000 when it was purchased, and the one who purchased it still owns the asset today, it will have a higher value than $50,000. If the interest rate is assumed to be 5% for 5 years, the asset will be recorded as $63,814.08.
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