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:
Cedar Fair operates amusement parks in the United States and Canada. During fiscal 2013, it reported the following (in millions):
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From the income statement:
- Loss (gain) on sale of equipment = $(9)
- Depreciation expense = $125
- Impairment of equipment =$3
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From the balance sheet:
- Equipment, beginning = $1,450
- Equipment, ending = $1,500
- Accumulated Depreciation, Beginning = $1,160
- Accumulated Depreciation, Ending = $1,250
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*Equipment costing $120 was purchased during the year.
Question: 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.
$ in million (a) Equipment Sold (b) Accumulated Depreciation-Equipment (c) Cash Received from SaleStep by Step Solution
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