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1. How much cash did Anders receive from the sale of the building? 2. How much depreciation expense was recorded on buildings during 2020? 3. What was the cost of buildings purchased by Anders during 2020? 1. Cash received from the sale of building 2. Depreciation expense 3. Purchase of building

1. How much cash did Anders receive from the sale of the building? 2. How much depreciation expense was recorded on buildings during 2020? 3. What was the cost of buildings purchased by Anders during 2020? 1. Cash received from the sale of building 2. Depreciation expense 3. Purchase of building

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Required information [The following information applies to the questions displayed below.] The plant assets section of the comparative balance sheets of Anders Company is reported below. ANDERS COMPANY Comparative Year-End Balance Plant assets Equipment Accumulated depreciation-Equipment Equipment, net Buildings Accumulated depreciation-Buildings Buildings, net Sheets 2020 1. Cash received from the sale of building 2. Depreciation expense 3. Purchase of building $ 200,000 (108,000) $ 92,000 $ 400,000 (112,000) $ 288,000 2019 $ 290,000 (218,000) $ 72,000 $ 420,000 (297,000) $ 123,000 During 2020, a building with a book value of $74,000 and an original cost of $320,000 was sold at a gain of $64,000. 1. How much cash did Anders receive from the sale of the building? 2. How much depreciation expense was recorded on buildings during 2020? 3. What was the cost of buildings purchased by Anders during 2020?
Transcribed Image Text:Required information [The following information applies to the questions displayed below.] The plant assets section of the comparative balance sheets of Anders Company is reported below. ANDERS COMPANY Comparative Year-End Balance Plant assets Equipment Accumulated depreciation-Equipment Equipment, net Buildings Accumulated depreciation-Buildings Buildings, net Sheets 2020 1. Cash received from the sale of building 2. Depreciation expense 3. Purchase of building $ 200,000 (108,000) $ 92,000 $ 400,000 (112,000) $ 288,000 2019 $ 290,000 (218,000) $ 72,000 $ 420,000 (297,000) $ 123,000 During 2020, a building with a book value of $74,000 and an original cost of $320,000 was sold at a gain of $64,000. 1. How much cash did Anders receive from the sale of the building? 2. How much depreciation expense was recorded on buildings during 2020? 3. What was the cost of buildings purchased by Anders during 2020?
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Section 179 Deduction and Modified Accelerated Cost Recovery System (MACRS) Depreciation
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