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Required information Use the following information for the Quick Study below. [The following information applies to the questions displayed below.] The plant assets section of

Required information

Use the following information for the Quick Study below.

[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 $ 305,000 $ 395,000
Accum. Depr.Equipment (150,000 ) (260,000 )
Equipment, net $ 155,000 $ 135,000
Buildings $ 505,000 $ 525,000
Accum. Depr.Buildings (175,000 ) (360,000 )
Buildings, net $ 330,000 $ 165,000

QS 12-6 Indirect: Computing investing cash flows LO P2

During 2017, a building with a book value of $95,000 and an original cost of $425,000 was sold at a gain of $85,000. 1. How much cash did Anders receive from the sale of the building? 2. How much depreciation expense was recorded on buildings during 2017? 3. What was the cost of buildings purchased by Anders during 2017?

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