Question #2

During calendar 2020, Laertes Corp. sold equipment for $ 70,000. The equipment had cost $ 100,000 and had a book value of $ 52,000 at the time of sale. Data from their comparative statements of financial position are:

Dec 31/20 Dec 31/19

Equipment $ 720,000 $ 650,000

Accumulated Depreciation 210,000 190,000

Instructions

1. Determine Laertes depreciation for 2020.

2. Determine the equipment purchased during 2020