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Using the information below, compute the cost of new equipment purchased and the proceeds from selling used equipment: Equipment Beginning Balance $240,000 Equipment Ending Balance
Using the information below, compute the cost of new equipment purchased and the proceeds from selling used equipment:
Equipment Beginning Balance $240,000
Equipment Ending Balance $450,000
Accumulated Depreciation: Beginning Balance $150,000
Accumulated Depreciation: Ending Balance $185,000
You also know the following:
Depreciation Expense $65,000
Gain on the sale of equipment $15,000
Cost of Equipment Sold $130,000
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