Suppose that Freddie's Fries has annual sales of $580,000; cost of goods sold of $455,000; average inventories of $17,000; average accounts receivable of $33,000, and an average accounts payable balance of $28,000.
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On January 1, Feld traded a delivery truck and paid $10,000 cash for a tow truck owned by Baker. The delivery truck had an original cost of $140,000, accumulated depreciation of $80,000, and an estimated fair value of $90,000.
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