Cedar Fair operates amusement parks in the United States and Canada. During fiscal 2013, it reported the

Question:

Cedar Fair operates amusement parks in the United States and Canada. During fiscal 2013, it reported the following (in millions):
From the income statement:
Loss (gain) on sale of equipment…………………….. $ (9)
Depreciation expense………………………………….. 125
Impairment of equipment………………………………... 3
From the beginning………………………………. 1,450
Equipment, ending…………………………………. 1,500
Accumulated depreciation, beginning……………… 1,160
Accumulated depreciation, ending………………… 1,250
Equipment costing $ 120 was purchased during the year.
Required:
For the equipment that was disposed of during the year, compute the following: (a) its original cost, (b) its accumulated depreciation, and (c) cash received from the disposal. Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...