Belvedere Corporation had a balance in its Equipment account on January 1, Year 1 of $320,000. During the year, equipment originally costing $85,000 and having Accumulated Depreciation of $20,000 was sold for $67,000. The ending balance of the Equipment Account was $275,000. How much did the company spend to purchase additional equipment during Year 1?
A. $25,000
B. $40,000
C. $92,000
D. $90,000
Answer: B
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