[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   2021 2020 Plant assets     Equipment $ 290,000 $ 380,000 Accumulated depreciation—Equipment (144,000) (254,000) Equipment, net $ 146,000 $ 126,000 Buildings $ 490,000 $ 510,000 Accumulated depreciation—Buildings (166,000) (351,000) Buildings, net $ 324,000 $ 159,000   QS 12-11 (Algo) Computing investing cash flows LO P3 During 2021, a building with a book value of $92,000 and an original cost of $410,000 was sold at a gain of $82,000. How much cash did Anders receive from the sale of the building? How much depreciation expense was recorded on buildings during 2021? What was the cost of buildings purchased by Anders during 2021?

Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
Chapter10: Long-lived Tangible And Intangible Assets
Section: Chapter Questions
Problem 27E
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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
  2021 2020
Plant assets    
Equipment $ 290,000 $ 380,000
Accumulated depreciation—Equipment (144,000) (254,000)
Equipment, net $ 146,000 $ 126,000
Buildings $ 490,000 $ 510,000
Accumulated depreciation—Buildings (166,000) (351,000)
Buildings, net $ 324,000 $ 159,000

 

QS 12-11 (Algo) Computing investing cash flows LO P3

During 2021, a building with a book value of $92,000 and an original cost of $410,000 was sold at a gain of $82,000.

  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?
 
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