Required information [The following information applies to the questions displayed below.] The plant assets section of the comparative balance sheets of Anders Company is reported below. Plant assets Equipment ANDERS COMPANY Comparative Year-End Balance Sheets 2021 $ 180,000 (100,000) 2020 $ 80,000 $ 270,000 (210,000) $ 60,000 Accumulated depreciation-Equipment Equipment, net Buildings $ 380,000 Accumulated depreciation-Buildings Buildings, net (100,000) $ 400,000 (285,000) $ 280,000 $ 115,000 During 2021, a building with a book value of $70,000 and an original cost of $300,000 was sold at a gain of $60,000. 1. How much cash did Anders receive from the sale of the building? 2. How much depreciation expense was recorded on buildings during 2021? 3. What was the cost of buildings purchased by Anders during 2021? 1. Cash received from the sale of building 2. Depreciation expense 3. Purchase of building
Required information [The following information applies to the questions displayed below.] The plant assets section of the comparative balance sheets of Anders Company is reported below. Plant assets Equipment ANDERS COMPANY Comparative Year-End Balance Sheets 2021 $ 180,000 (100,000) 2020 $ 80,000 $ 270,000 (210,000) $ 60,000 Accumulated depreciation-Equipment Equipment, net Buildings $ 380,000 Accumulated depreciation-Buildings Buildings, net (100,000) $ 400,000 (285,000) $ 280,000 $ 115,000 During 2021, a building with a book value of $70,000 and an original cost of $300,000 was sold at a gain of $60,000. 1. How much cash did Anders receive from the sale of the building? 2. How much depreciation expense was recorded on buildings during 2021? 3. What was the cost of buildings purchased by Anders during 2021? 1. Cash received from the sale of building 2. Depreciation expense 3. Purchase of building
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Hardev
![Required information
[The following information applies to the questions displayed below.]
The plant assets section of the comparative balance sheets of Anders Company is reported below.
Plant assets
Equipment
ANDERS COMPANY
Comparative Year-End Balance Sheets
2021
$ 180,000
(100,000)
2020
$ 80,000
$ 270,000
(210,000)
$ 60,000
Accumulated depreciation-Equipment
Equipment, net
Buildings
$ 380,000
Accumulated depreciation-Buildings
Buildings, net
(100,000)
$ 400,000
(285,000)
$ 280,000
$ 115,000
During 2021, a building with a book value of $70,000 and an original cost of $300,000 was sold at a gain of $60,000.
1. How much cash did Anders receive from the sale of the building?
2. How much depreciation expense was recorded on buildings during 2021?
3. What was the cost of buildings purchased by Anders during 2021?
1. Cash received from the sale of building
2. Depreciation expense
3. Purchase of building](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5be5699f-e670-4492-b55c-47aa4f7fc68e%2F7ed6e94b-4806-4558-a9c0-b1041696808c%2F0dnd208_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
The plant assets section of the comparative balance sheets of Anders Company is reported below.
Plant assets
Equipment
ANDERS COMPANY
Comparative Year-End Balance Sheets
2021
$ 180,000
(100,000)
2020
$ 80,000
$ 270,000
(210,000)
$ 60,000
Accumulated depreciation-Equipment
Equipment, net
Buildings
$ 380,000
Accumulated depreciation-Buildings
Buildings, net
(100,000)
$ 400,000
(285,000)
$ 280,000
$ 115,000
During 2021, a building with a book value of $70,000 and an original cost of $300,000 was sold at a gain of $60,000.
1. How much cash did Anders receive from the sale of the building?
2. How much depreciation expense was recorded on buildings during 2021?
3. What was the cost of buildings purchased by Anders during 2021?
1. Cash received from the sale of building
2. Depreciation expense
3. Purchase of building
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