Cedar Fair operates amusement parks in the United States and Canada. During fiscal 2013, it repor the following (in millions): From the income statement: Loss (gain) on sale of equipment Deprecitation expense Impairment of equipment From the balance sheet Equipment, beginning Equipment, ending Accumulated depreciation, beginning Accumulated depreciation, ending $ (9) 165 23 1,650 1,600 1,260 1,270 Equipment costing $140 was purchased during the year. Required: For the equipment that was disposed of during the year, compute the following: (a) its original cost, (b) accumulated depreciation, and (c) cash received from the disposal. (Enter your answers in millions. (a) Equipment Sold (b) Accumulated Depreciation-Equipment (c) Cash Received from Sale $ in million

Cedar Fair operates amusement parks in the United States and Canada. During fiscal 2013, it repor the following (in millions): From the income statement: Loss (gain) on sale of equipment Deprecitation expense Impairment of equipment From the balance sheet Equipment, beginning Equipment, ending Accumulated depreciation, beginning Accumulated depreciation, ending $ (9) 165 23 1,650 1,600 1,260 1,270 Equipment costing $140 was purchased during the year. Required: For the equipment that was disposed of during the year, compute the following: (a) its original cost, (b) accumulated depreciation, and (c) cash received from the disposal. (Enter your answers in millions. (a) Equipment Sold (b) Accumulated Depreciation-Equipment (c) Cash Received from Sale $ in million

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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