Equipment, December 31, 2021 $91,000 Equipment, December 31, 2022 $100,800 Accumulated Depreciation, December 31, 2021 $54,600 Accumulated Depreciation, December 31, 2022 $42,000 During 2022, the company sold equipment with a cost of $42,000 and accumulated depreciation of $35,000. A gain of $4,200 was recognized on the sale of the equipment. What amount would be reported as the cash proceeds from the sale of the equipment? Select one: a. $4,200 b. $8,400 c. $7,000 d. $2,800 e. $11,200
Equipment, December 31, 2021 $91,000 Equipment, December 31, 2022 $100,800 Accumulated Depreciation, December 31, 2021 $54,600 Accumulated Depreciation, December 31, 2022 $42,000 During 2022, the company sold equipment with a cost of $42,000 and accumulated depreciation of $35,000. A gain of $4,200 was recognized on the sale of the equipment. What amount would be reported as the cash proceeds from the sale of the equipment? Select one: a. $4,200 b. $8,400 c. $7,000 d. $2,800 e. $11,200
Chapter14: Property Transactions: Capital Gains And Losses, § 1231, And Recapture Provisions
Section: Chapter Questions
Problem 32CE
Related questions
Question
Equipment, December 31, 2021 $91,000 Equipment, December 31, 2022 $100,800
Select one:
a. $4,200
b. $8,400
c. $7,000
d. $2,800
e. $11,200
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