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ANDERS COMPANY Comparative Year-End Balance Sheets 2021 Plant assets Equipment Accumulated depreciation-Equipment Equipment, net Buildings Accumulated depreciation-Buildings Buildings, net $ 200,000 (108,000) $92,000 $ 400,000 (112,000) $288,000 2020 $ 290,000 (218,000) $ 72,000 $ 420,000 (297,000) $ 123,000 During 2021, equipment with a book value of $44,000 and an original cost of $230,000 was sold at a loss of $3,800. 1. How much cash did Anders receive from the sale of equipment? 2. How much depreciation expense was recorded on equipment during 2021? 3. What was the cost of new equipment purchased by Anders during 2021?

ANDERS COMPANY Comparative Year-End Balance Sheets 2021 Plant assets Equipment Accumulated depreciation-Equipment Equipment, net Buildings Accumulated depreciation-Buildings Buildings, net $ 200,000 (108,000) $92,000 $ 400,000 (112,000) $288,000 2020 $ 290,000 (218,000) $ 72,000 $ 420,000 (297,000) $ 123,000 During 2021, equipment with a book value of $44,000 and an original cost of $230,000 was sold at a loss of $3,800. 1. How much cash did Anders receive from the sale of equipment? 2. How much depreciation expense was recorded on equipment during 2021? 3. What was the cost of new equipment purchased by Anders during 2021?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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ANDERS COMPANY Comparative Year-End Balance Sheets Plant assets Equipment Accumulated depreciation Equipment Equipment, net Buildings Accumulated depreciation-Buildings Buildings, net 2021 1. Cash received from the sale of equipment 2 Depreciation expense 3. Purchase of equipment $ 200,000 (108,000) $ 92,000 $ 400,000 (112,000) $ 288,000 2020 $ 290,000 (218,000) $ 72,000 $ 420,000 (297,000) $ 123,000 During 2021, equipment with a book value of $44,000 and an original cost of $230,000 was sold at a loss of $3,800 1. How much cash did Anders receive from the sale of equipment? 2. How much depreciation expense was recorded on equipment during 2021? 3. What was the cost of new equipment purchased by Anders during 2021?
Transcribed Image Text:ANDERS COMPANY Comparative Year-End Balance Sheets Plant assets Equipment Accumulated depreciation Equipment Equipment, net Buildings Accumulated depreciation-Buildings Buildings, net 2021 1. Cash received from the sale of equipment 2 Depreciation expense 3. Purchase of equipment $ 200,000 (108,000) $ 92,000 $ 400,000 (112,000) $ 288,000 2020 $ 290,000 (218,000) $ 72,000 $ 420,000 (297,000) $ 123,000 During 2021, equipment with a book value of $44,000 and an original cost of $230,000 was sold at a loss of $3,800 1. How much cash did Anders receive from the sale of equipment? 2. How much depreciation expense was recorded on equipment during 2021? 3. What was the cost of new equipment purchased by Anders during 2021?
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