Required information[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 COMPANYComparative Balance Sheets20192018Plant assetsEquipmentAccumulated depreciation-Equipment$ 180,000(100,000)$ 270,000(210,000)$ 60,000$ 400,000(285,000)Equipment, net$ 80,000BuildingsAccumulated depreciation-Buildings$ 380, еее(100,000)$ 280,000Buildings, net$ 115,000ing 2019, equipment with a book value of $40,000 and an originartost of $210,000 was sold at a loss of $3,000.low much cash did Anders receive from the sale of equipment?Low much denreciationano w rocorded a nouinnmant c ring 0102< Prev8.9.of 14Next >10 畫墨$ 180,000(100, өөө)$80,000$ 270,000(210, еее)$ 60,000$ 400,000(285,000)$ 115,000EquipmentAccumulated depreciation-EquipmentEquipment, netBuildingsAccumulated depreciation-Buildings$ 380,000(100, eее)$ 280,000Buildings, netDuring 2019, equipment with a book value of $40,000 and an original cost of $210,000 was sold at a loss of $3,000.1. 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?Cash received from the sale of equipment2. Depreciation expense1.3. Purchase of equipment< Prev8.6.of 14Next >

To determine the cash received from the sale of the asset we will use the book value figure of the…

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 $ 180,000 (100, еее) $ 80,000 Equipment, net Buildings Accumulated depreciation-Buildings $ 270,000 (210, еее) $ 60,000 $ 400,000 (285,000) $ 115,000 $ 380, еее (100, еее) $ 280,000 Buildings, net

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 $ 180,000 (100, еее) $ 80,000 Equipment, net Buildings Accumulated depreciation-Buildings $ 270,000 (210, еее) $ 60,000 $ 400,000 (285,000) $ 115,000 $ 380, еее (100, еее) $ 280,000 Buildings, net

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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Required information [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 Plant assets Equipment Accumulated depreciation-Equipment Equipment, net Buildings Accumulated depreciation-Buildings Buildings, net 1. Cash received from the sale of building 2. Depreciation expense 3. Purchase of building $ 180,000 (100,000) $ 80,000 $ 130,000 $ 380,000 (100,000) $ 280,000 2020 $ 270,000 (210,000) $ 60,000 During 2021, a building with a book value of $70,000 and an original cost of $300,000 was sold at a gain of $60,000. 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? $ 400,000 (285,000) $ 115,000
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