Question: 2 Dillard Company starts the year with $10,000 in its cash account, $10,000 in its equipment account, $2,000 in accumulated depreciation, and $18,000 in its retained earnings account. During the year Dillard sells the equipment for $8,570. After the sale of equipment is recorded, the retained earnings account will have a balance of $

Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter7: Fixed Assets, Natural Resources, And Intangible Assets
Section: Chapter Questions
Problem 7.3.2MBA
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Dillard Company

Question: 2
Dillard Company starts the year with $10,000 in its cash
account, $10,000 in its equipment account, $2,000 in
accumulated depreciation, and $18,000 in its retained
earnings account. During the year Dillard sells the
equipment for $8,570. After the sale of equipment is
recorded, the retained earnings account will have a balance
of $
Transcribed Image Text:Question: 2 Dillard Company starts the year with $10,000 in its cash account, $10,000 in its equipment account, $2,000 in accumulated depreciation, and $18,000 in its retained earnings account. During the year Dillard sells the equipment for $8,570. After the sale of equipment is recorded, the retained earnings account will have a balance of $
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