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[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 Year-End Balance Sheets Plant assets Equipment Accumulated depreciation-Equipment Equipment, net Buildings Accumulated depreciation-Buildings Buildings, net 2021 2020 $ 240,000 (124,000) $ 116,000 $ 440,000 (136,000) $ 330,000 (234,000) $ 96,000 $460,000 (321,000) $ 304,000 $ 139,000 QS 12-11 (Algo) Computing investing cash flows LO P3 During 2021, a building with a book value of $82,000 and an original cost of $360,000 was sold at a gain of $72,000. 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 $ 154,000 2. Depreciation expense

[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 Year-End Balance Sheets Plant assets Equipment Accumulated depreciation-Equipment Equipment, net Buildings Accumulated depreciation-Buildings Buildings, net 2021 2020 $ 240,000 (124,000) $ 116,000 $ 440,000 (136,000) $ 330,000 (234,000) $ 96,000 $460,000 (321,000) $ 304,000 $ 139,000 QS 12-11 (Algo) Computing investing cash flows LO P3 During 2021, a building with a book value of $82,000 and an original cost of $360,000 was sold at a gain of $72,000. 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 $ 154,000 2. Depreciation expense

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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[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 Year-End Balance Sheets Plant assets Equipment Accumulated depreciation-Equipment Equipment, net Buildings Accumulated depreciation-Buildings Buildings, net 2021 2020 $ 240,000 (124,000) $ 116,000 $ 440,000 (136,000) $ 330,000 (234,000) $ 96,000 $460,000 (321,000) $ 304,000 $ 139,000 QS 12-11 (Algo) Computing investing cash flows LO P3 During 2021, a building with a book value of $82,000 and an original cost of $360,000 was sold at a gain of $72,000. 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 $ 154,000 2. Depreciation expense
Transcribed Image Text:[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 Year-End Balance Sheets Plant assets Equipment Accumulated depreciation-Equipment Equipment, net Buildings Accumulated depreciation-Buildings Buildings, net 2021 2020 $ 240,000 (124,000) $ 116,000 $ 440,000 (136,000) $ 330,000 (234,000) $ 96,000 $460,000 (321,000) $ 304,000 $ 139,000 QS 12-11 (Algo) Computing investing cash flows LO P3 During 2021, a building with a book value of $82,000 and an original cost of $360,000 was sold at a gain of $72,000. 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 $ 154,000 2. Depreciation expense
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