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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

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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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 

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