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
?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) Deprecitation expense 165 Impairment of equipment 23 From the balance sheet Equipment, beginning 1,650 Equipment, ending 1,600 Accumulated depreciation, beginning 1,260 Accumulated depreciation, ending 1,270 Equipment costing $140 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. (Enter your answers in millions.)
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) Deprecitation expense 165 Impairment of equipment 23 From the balance sheet Equipment, beginning 1,650 Equipment, ending 1,600 Accumulated depreciation, beginning 1,260 Accumulated depreciation, ending 1,270 Equipment costing $140 was purchased during the year. Required For the equipment that was disposed of during the year, com the following: (a) its original cost (b) its pute accumulated depreciation, and (c) cash received from the disposal. (Enter your answers in millions.) n million a) Equipment Sold (b) Accumulated Depreciation- Equipment (c) Cash Received from SaleStep by Step Solution
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