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 $ 305,000 (150,000) $ 155,000 1. Cash received from the sale of equipment e. Depreciation expense Purchase of equipment $ 505,000 (175,000) $ 330,000 $ 57,000 2020 QS 12-10 (Algo) Computing investing cash flows LO P3 During 2021, equipment with a book value of $65,000 and an original cost of $230,000 was sold at a loss $8,000. $ 395,000 (260,000) $ 135,000 $ 525,000 (360,000) $ 165,000 1. How much cash did Anders receive from the sale of equipment? 2. How much depreciation expense was recorded on equipment during 2021? 3. What was the cost of new equipment purchased by Anders during 2021?
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 $ 305,000 (150,000) $ 155,000 1. Cash received from the sale of equipment e. Depreciation expense Purchase of equipment $ 505,000 (175,000) $ 330,000 $ 57,000 2020 QS 12-10 (Algo) Computing investing cash flows LO P3 During 2021, equipment with a book value of $65,000 and an original cost of $230,000 was sold at a loss $8,000. $ 395,000 (260,000) $ 135,000 $ 525,000 (360,000) $ 165,000 1. How much cash did Anders receive from the sale of equipment? 2. How much depreciation expense was recorded on equipment during 2021? 3. What was the cost of new equipment purchased by Anders during 2021?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Rakesh
Transcribed Image Text: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
$ 305,000
(150,000)
$ 155,000
505,000
(175,000)
$
$ 330,000
1. Cash received from the sale of equipment
2. Depreciation expense
3. Purchase of equipment
2020
QS 12-10 (Algo) Computing investing cash flows LO P3
During 2021, equipment with a book value of $65,000 and an original cost of $230,000 was sold at a loss of
$8,000.
$ 57,000
$ 395,000
(260,000)
$ 135,000
$ 525,000
(360,000)
$ 165,000
1. How much cash did Anders receive from the sale of equipment?
2. How much depreciation expense was recorded on equipment during 2021?
3. What was the cost of new equipment purchased by Anders during 2021?
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