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Required information Skip to question [The following information applies to the questions displayed below.] The plant assets section of the comparative balance sheets of Anders
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Skip to question
[The following information applies to the questions displayed below.]
The plant assets section of the comparative balance sheets of Anders Company is reported below.
| ANDERS COMPANY | ||||||||
| Comparative Balance Sheets | ||||||||
| 2017 | 2016 | |||||||
| Plant assets | ||||||||
| Equipment | $ | 220,000 | $ | 310,000 | ||||
| Accum. Depr.Equipment | (116,000 | ) | (226,000 | ) | ||||
| Equipment, net | $ | 104,000 | $ | 84,000 | ||||
| Buildings | $ | 420,000 | $ | 440,000 | ||||
| Accum. Depr.Buildings | (124,000 | ) | (309,000 | ) | ||||
| Buildings, net | $ | 296,000 | $ | 131,000 | ||||
During 2017, equipment with a book value of $48,000 and an original cost of $250,000 was sold at a loss of $4,600. 1. How much cash did Anders receive from the sale of equipment?
2. How much depreciation expense was recorded on equipment during 2017?
3. What was the cost of new equipment purchased by Anders during 2017?
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British And German Banking Strategies
Authors: S. Janssen
1st Edition
0230220487, 9780230220485
