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The following information relates to Equipment and related accounts of El Sheikh Corporation: Equipment, beginning balance: $70,000 Equipment, ending balance: $100,000 Equipment sold during the
The following information relates to Equipment and related accounts of El Sheikh Corporation:
Equipment, beginning balance: $70,000
Equipment, ending balance: $100,000
Equipment sold during the year:
Original cost, $9,000;Book value, $2,000
Fully depreciated equipment disposed of during the year:Original cost, $3,000
Accumulated Depreciation, beginning balance:$50,000
Accumulated Depreciation, ending balance:$42,000
Assuming that all equipment purchases are for cash, how much cash was used to purchase equipment during the year?
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