[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 2019 2018 Plant assets Equipment Accumulated depreciation-Equipment $ 300,000 (148,000) $ 152,000 $ 390,000 (258,000) $ 132,000 Equipment, net Buildings Accumulated depreciation-Buildings $ 500,000 (172,000) $ 328,000 $ 520,000 (357,000) $ 163,000 Buildings, net During 2019, equipment with a book value of $64,000 and an original cost of $225,000 was sold at a loss of $7,800. 1. How much cash did Anders receive from the sale of equipment? 2. How much depreciation expense was recorded on equipment during 2019? 3. What was the cost of new equipment purchased by Anders during 2019? 1. Cash received from the sale of equipment 56,200 2. Depreciation expense (7,800) 3. Purchase of equipment 300,000 %24 %24 %24

[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 2019 2018 Plant assets Equipment Accumulated depreciation-Equipment $ 300,000 (148,000) $ 152,000 $ 390,000 (258,000) $ 132,000 Equipment, net Buildings Accumulated depreciation-Buildings $ 500,000 (172,000) $ 328,000 $ 520,000 (357,000) $ 163,000 Buildings, net During 2019, equipment with a book value of $64,000 and an original cost of $225,000 was sold at a loss of $7,800. 1. How much cash did Anders receive from the sale of equipment? 2. How much depreciation expense was recorded on equipment during 2019? 3. What was the cost of new equipment purchased by Anders during 2019? 1. Cash received from the sale of equipment 56,200 2. Depreciation expense (7,800) 3. Purchase of equipment 300,000 %24 %24 %24

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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