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For the year 20X2, Meg's Magazines reported beginning and ending Equipment account balances of $75,000 and $60,000 respectively. Meg also reported beginning and ending Accumulated
For the year 20X2, Meg's Magazines reported beginning and ending Equipment account balances of $75,000 and $60,000 respectively. Meg also reported beginning and ending Accumulated Depreciation - Equipment balances of $16,000 and $23,000 respectively. Assume no equipment was purchased and that one piece of equipment was sold during 20X2 (resulting in a $6,000 gain). If depreciation expense related to equipment for the year was $10,000, how much cash did Meg receive from the sale of the equipment? $6,000 $18,000 $15,000 $16,000
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