Equipment, beginning of year$340,000 Equipment, end of year 420,000 Accumulated depreciation, beginning of year 190,000 Accumulated depreciation, end of year 184,000 Equipment with a cost of $20,000 and a book value of $6,000 was sold during the year for cash of $18,000. Additional equipment was purchased during the year for cash.What was the amount of cash paid for purchases of equipment during the year?
A. $100,000
B. $80,000
C. $86,000
D. $62,000
Answer: A
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