Please answer complete and properly Required informationUse the following information for the Quick Study below. (Algo)[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 COMPANYComparative Year-End Balance Sheets20212020Plant assetsEquipmentAccumulated depreciation-EquipmentEquipment, net$ 205,000(110,000)$ 95,000$ 405,000(115,000)$ 290,000$ 295,000(220,000)BuildingsAccumulated depreciation-BuildingsBuildings, net$ 75,000$ 425,000(300,000)$ 125,000QS 12-11 (Algo) Computing investing cash flows LO P3During 2021, a building with a book value of $75,000 and an original cost of $325,000 was sold at a gain of $65,000.1. How much cash did Anders receive from the sale of the building?2. How much depreciation expense was recorded on buildings during 2021?3. What was the cost of buildings purchased by Anders during 202171. Cash received from the sale of building2. Depreciation expense$ 140,0003. Purchase of building

Accumulated depreciation on building sold = Original cost of building sold - book value =…

Required information Use the following information for the Quick Study below. (Algo) (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 Year-End Balance Sheets 2021 2020 Plant assets Equipment Accumulated depreciation-Equipnent $ 205,000 (110,000) $ 95,000 $ 295,000 (220,000) 8 75,000 $ 425,000 (300,000) $ 125,000 Equipment, net Buildinge Accumulated depreciation-Buildings ६ 405,000 (115,000) $ 290,000 Buildings, net QS 12-11 (Algo) Computing investing cash flows LO P3 During 2021, a building with a book value of $75,000 and an original cost of $325,000 was sold at a gain of $65,000. 1. How much cash did Anders recelve from the sale of the building? 2. How much depreciation expense was recorded on buildings during 2021? 3. What was the cost of buildings purchased by Anders during 20217 $ 140,000 1. Cash received from the sale of building 2. Depreciation expense 3. Purchase of building

Required information Use the following information for the Quick Study below. (Algo) (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 Year-End Balance Sheets 2021 2020 Plant assets Equipment Accumulated depreciation-Equipnent $ 205,000 (110,000) $ 95,000 $ 295,000 (220,000) 8 75,000 $ 425,000 (300,000) $ 125,000 Equipment, net Buildinge Accumulated depreciation-Buildings ६ 405,000 (115,000) $ 290,000 Buildings, net QS 12-11 (Algo) Computing investing cash flows LO P3 During 2021, a building with a book value of $75,000 and an original cost of $325,000 was sold at a gain of $65,000. 1. How much cash did Anders recelve from the sale of the building? 2. How much depreciation expense was recorded on buildings during 2021? 3. What was the cost of buildings purchased by Anders during 20217 $ 140,000 1. Cash received from the sale of building 2. Depreciation expense 3. Purchase of building

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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