The T-accounts for Equipment and the related Accumulated Depreciation?Equipment for Luo Company at the end of 2020
Question:
The T-accounts for Equipment and the related Accumulated Depreciation?Equipment for Luo Company at the end of 2020 are shown here.
In addition, Luo?s income statement reported a loss on the disposal of plant assets of $6,500. What amount was reported on the statement of cash flows as ?cash flow from sale of equipment??
Transcribed Image Text:
Equipment Accumulated Depreciation- Equipment 5,500 Beg. bal. Depr. exp. End. bal. Beg. bal. Acquisitions 41,600 End. bal. 80,000 Disposals 22,000 Disposals 44,500 12,000 99,600 51,000
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Original cost of equipment sold 22000 LessAccumulated deprec...View the full answer
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Related Book For
Financial and Managerial Accounting
ISBN: 978-1119392132
3rd edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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