Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Henry Inc. reported the following information on its Balance Sheet for 2019 and 2020: 12/31/2020 12/31/2019 Equipment $115,000 $80,000 Less: Accumulated Depreciation ($12,000) ($10,000) Net
Henry Inc. reported the following information on its Balance Sheet for 2019 and 2020:
| 12/31/2020 | 12/31/2019 |
Equipment | $115,000 | $80,000 |
Less: Accumulated Depreciation | ($12,000) | ($10,000) |
Net Book Value | $103,000 | $70,000 |
In 2020, Henry purchased a new piece of equipment for $47,000 and sold some old equipment. What was the historical cost of the equipment sold?
$35,000 | |
| $12,000 |
$20,000 | |
$24,000 |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started