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Question(s) / Instruction(s):

A company bought a new display case for $42,000 and was given a trade-in of $2,000 on an old display case, so the company paid $40,000 cash with the trade-in. The old case had an original cost of $37,000 and accumulated depreciation of $34,000. The company should record the value of new display case at:

a.            $40,000

b.            $43,000

c.             $3,000

d.            $42,000

e.            $2,000

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