Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A company has had capital assets with a net book value (original cost accumulated depreciation) of $219,000 at the beginning of the year and $353,000

A company has had capital assets with a net book value (original cost accumulated depreciation) of $219,000 at the beginning of the year and $353,000 at year end. The acquisition of capital assets amounted to $206,000 during the year.

The income statement shows depreciation of $18,000 and an $8,000 gain on sale of property, plant and equipment.

[Beginning balance of capital assets + Acquisitions Depreciation Net book value of assets sold = Ending balance of capital assets]

What is the net book value of the assets sold? Round your final answer to the nearest dollar. Do not round intermediary answers. Do not use $ signs in your final answer.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions