Required information Use the following information for the Quick Study below. [The following information applies to the questions displayed below.] The plant assets section of the comparative balance sheets of Anders Company is reported below. 1. 2 3 ANDERS COMPANY Comparative Balance Sheets Plant assets Equipment Accumulated depreciation-Equipment Equipment, net Buildings Accumulated depreciation-Buildings Buildings, net 2019 Cash received from the sale of building Depreciation expense Purchase of building $ 280,000 (140,000) $ 140,000 $ 480,000 (160,000) $ 320,000 2018 QS 12-11 Computing investing cash flows LO P3 During 2019, a building with a book value of $90,000 and an original cost of $400,000 was sold at a gain of $80,000. 1. How much cash did Anders receive from the sale of the building? 2. How much depreciation expense was recorded on buildings during 2019? 3. What was the cost of buildings purchased by Anders during 2019? $ 370,000 (250,000) $ 120,000 $ 500,000 (345,000) $ 155,000
Required information Use the following information for the Quick Study below. [The following information applies to the questions displayed below.] The plant assets section of the comparative balance sheets of Anders Company is reported below. 1. 2 3 ANDERS COMPANY Comparative Balance Sheets Plant assets Equipment Accumulated depreciation-Equipment Equipment, net Buildings Accumulated depreciation-Buildings Buildings, net 2019 Cash received from the sale of building Depreciation expense Purchase of building $ 280,000 (140,000) $ 140,000 $ 480,000 (160,000) $ 320,000 2018 QS 12-11 Computing investing cash flows LO P3 During 2019, a building with a book value of $90,000 and an original cost of $400,000 was sold at a gain of $80,000. 1. How much cash did Anders receive from the sale of the building? 2. How much depreciation expense was recorded on buildings during 2019? 3. What was the cost of buildings purchased by Anders during 2019? $ 370,000 (250,000) $ 120,000 $ 500,000 (345,000) $ 155,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Required information
Use the following information for the Quick Study below.
[The following information applies to the questions displayed below.]
The plant assets section of the comparative balance sheets of Anders Company is reported below.
ANDERS COMPANY
Comparative Balance Sheets
Plant assets
Equipment
Accumulated depreciation-Equipment
Equipment, net
Buildings
Accumulated depreciation-Buildings
Buildings, net
1.
2. Depreciation expense
3.
Purchase of building
Cash received from the sale of building
2019
$ 280,000
(140,000)
$ 140,000
$ 480,000
(160,000)
$ 320,000
2018
QS 12-11 Computing investing cash flows LO P3
During 2019, a building with a book value of $90,000 and an original cost of $400,000 was sold at a gain of $80,000.
1. How much cash did Anders receive from the sale of the building?
2. How much depreciation expense was recorded on buildings during 2019?
3. What was the cost of buildings purchased by Anders during 2019?
$ 370,000
(250,000)
$ 120,000
$ 500,000
(345,000)
$ 155,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7651630f-b133-42b7-9cbf-51f75ab7a58e%2F5cd593de-84b1-4b7a-83ae-f7f0642c45e9%2Fhfapjvu_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
Use the following information for the Quick Study below.
[The following information applies to the questions displayed below.]
The plant assets section of the comparative balance sheets of Anders Company is reported below.
ANDERS COMPANY
Comparative Balance Sheets
Plant assets
Equipment
Accumulated depreciation-Equipment
Equipment, net
Buildings
Accumulated depreciation-Buildings
Buildings, net
1.
2. Depreciation expense
3.
Purchase of building
Cash received from the sale of building
2019
$ 280,000
(140,000)
$ 140,000
$ 480,000
(160,000)
$ 320,000
2018
QS 12-11 Computing investing cash flows LO P3
During 2019, a building with a book value of $90,000 and an original cost of $400,000 was sold at a gain of $80,000.
1. How much cash did Anders receive from the sale of the building?
2. How much depreciation expense was recorded on buildings during 2019?
3. What was the cost of buildings purchased by Anders during 2019?
$ 370,000
(250,000)
$ 120,000
$ 500,000
(345,000)
$ 155,000
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