Question
Favre company reports depreciation expense of $59,000 for year 2. Also, equipment costing $197,000 was sold for a $11,900 loss in year 2. The following
Favre company reports depreciation expense of $59,000 for year 2. Also, equipment costing $197,000 was sold for a $11,900 loss in year 2. The following selected information is available for Favre company from its comparative balance sheet. Compute the cash received from the sale of equipment.
| A December 31: | Year 2: | Year 1: |
| Equipment | $705,000 | $902,000 |
| Accumulated Depreciation- Equipment | 504,000 | 595,000 |
Multiple choice:
A. $35,100
B. $47,000
C. $58,900
D. $59,000
E. $79,100
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Internet Fraud Casebook
Authors: Joseph T. Wells
1st Edition
0470643633, 9780470643631
