[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
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question

 

[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?
 
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education