During 2014, Garnet Corporation purchased three pieces of equipment at an auction for the lump sum of $200,000. It cost Garnet $40,000 to have the equipment delivered and installed. The equipment was appraised at the following fair values: Machine 1 $120,000 Machine 2 105,000 Machine 3 75,000 Machine 2 should be recorded on Garnet's books at
A) $120,000
B) $105,000
C) $84,000
D) $70,000
C
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