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

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

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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