Question
On April 30, 2016, Ramirez & Sons sold some used equipment for $112,000. The accumulated depreciation on the equipment when sold was $128,000. Ramirez &
On April 30, 2016, Ramirez & Sons sold some used equipment for $112,000. The accumulated depreciation on the equipment when sold was $128,000. Ramirez & Sons properly recorded a $44,000 gain on the sale. The original cost of the equipment when it was purchased several years ago by Ramirez & Sons must have been:
| A. | $100,000 | |
| B. | $196,000 | |
| C. | $156,000 | |
| D. | $ 56,000 |
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Financial Accounting An Integrated Approach
Authors: Michael Gibbins
6th Edition
0176407251, 978-0176407254
