Calculating Net Realizable Value
An individual purchased a car several years ago for $20,000 and now plans to sell it to fund a down payment on a new vehicle. The estimated cost to prepare the car for sale is $500, and the expected resale price is $13,000. What is the net realizable value (NRV) of the car?
A
$7,000
B
$7,500
C
$12,000
D
$12,500
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