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QUESTION
Assume that a business's balance sheet reports total assets of $500,000 and total liabilities of $300,000.
Assume that a business's balance sheet reports total assets of $500,000 and total liabilities of $300,000. Now assume that $20,000 of “fixed assets (after accumulated depreciation)” are written off due to technological obsolescence. All else the same, what is the value of total net assets of the business after the write-off?
