Required informationSkip to question [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 COMPANYComparative Balance Sheets 2017 2016 Plant assets Equipment $180,000 $270,000 Accum. Depr.—Equipment (100,000) (210,000)Equipment, net $80,000 $60,000 Buildings $380,000 $400,000 Accum. Depr.—Buildings (100,000) (285,000)Buildings, net $280,000 $115,000 During 2017, equipment with a book value of $40,000 and an original cost of $210,000 was sold at a loss of $3,000. 1. How much cash did Anders receive from the sale of equipment?

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During 2017, equipment with a book value of $40,000 and an original cost of $210,000 was sold at a loss of $3,000. 1. How much cash did Anders receive from the sale of equipment?

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The plant assets section of the comparative balance sheets of Anders Company is reported below.

ANDERS COMPANY
Comparative Balance Sheets
		2017			2016
Plant assets
Equipment	$	180,000		$	270,000
Accum. Depr.—Equipment		(100,000	)		(210,000	)
Equipment, net	$	80,000		$	60,000
Buildings	$	380,000		$	400,000
Accum. Depr.—Buildings		(100,000	)		(285,000	)
Buildings, net	$	280,000		$	115,000

During 2017, equipment with a book value of $40,000 and an original cost of $210,000 was sold at a loss of $3,000.

1. How much cash did Anders receive from the sale of equipment?

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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