Question
Burke Corporation reported the following information for 2021: For the year ended 12/31/2021 Depreciation expense 19,000 Loss on sale of equipment 2,000 12/31/2021 1/1/2021 PP&E
Burke Corporation reported the following information for 2021:
|
| For the year ended 12/31/2021 | |
| Depreciation expense |
| 19,000 |
| Loss on sale of equipment |
| 2,000 |
|
|
|
|
|
| 12/31/2021 | 1/1/2021 |
| PP&E - Cost | 130,000 | 150,000 |
| PP&E - Accumulated depreciation | (39,000) | (22,000) |
Burke purchased a new machine for cash during 2021. In addition, Burke sold a manufacturing equipment for $23,000 in 2021. The cash outflow to acquire the new machine should be:
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Taxation Of Individuals And Business Entities 2019 Edition
Authors: Brian C. Spilker, Benjamin C. Ayers, John Robinson, Edmund Outslay, Ronald G. Worsham, John A. Barrick, Connie Weaver
10th Edition
1259918394, 978-1259918391
