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Galaxy Systems Inc. began the year with net fixed assets of $22,800 and ended the year with net fixed assets of $25,100. During the year, the company recorded $4,500 in depreciation expense and purchased $10,200 worth of new fixed assets. How much in fixed assets did Galaxy Systems sell during the year?

Galaxy Systems Inc. began the year with net fixed assets of $22,800 and ended the year with net fixed assets of $25,100. During the year, the company recorded $4,500 in depreciation expense and purchased $10,200 worth of new fixed assets. How much in fixed assets did Galaxy Systems sell during the year?

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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I am looking for the correct answer to this general accounting problem using valid accounting standards.
Galaxy Systems Inc. began the year with net fixed assets of $22,800 and ended the year with net fixed assets of $25,100. During the year, the company recorded $4,500 in depreciation expense and purchased $10,200 worth of new fixed assets. How much in fixed assets did Galaxy Systems sell during the year?
Transcribed Image Text:Galaxy Systems Inc. began the year with net fixed assets of $22,800 and ended the year with net fixed assets of $25,100. During the year, the company recorded $4,500 in depreciation expense and purchased $10,200 worth of new fixed assets. How much in fixed assets did Galaxy Systems sell during the year?
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