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During the period, Sanchez Company sold some excess equipment at a loss. The following information was collected from the company's accounting records: From the
During the period, Sanchez Company sold some excess equipment at a loss. The following information was collected from the company's accounting records: From the Income Statement Depreciation expense $ 940 3,300 Loss on sale of equipment From the Balance Sheet Beginning equipment Ending equipment 20,700 11,900 1,910 Beginning accumulated depreciation Ending accumulated depreciation 1,770 No new equipment was bought during the period. Required: 1. For the equipment that was sold, determine its original cost, its accumulated depreciation, and the cash received from the sale. Cost of equipment sold Accumulated depreciation on sold equipment Cash received from sale
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