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 $ 300,000 $ 390,000 Accumulated depreciation—Equipment (148,000) (258,000) Equipment, net $ 152,000 $ 132,000 Buildings $ 500,000 $ 520,000 Accumulated depreciation—Buildings (172,000) (357,000) Buildings, net $ 328,000 $ 163,000 During 2021, a building with a book value of $94,000 and an original cost of $420,000 was sold at a gain of $84,000. 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 purchase
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 $ 300,000 $ 390,000 Accumulated depreciation—Equipment (148,000) (258,000) Equipment, net $ 152,000 $ 132,000 Buildings $ 500,000 $ 520,000 Accumulated depreciation—Buildings (172,000) (357,000) Buildings, net $ 328,000 $ 163,000 During 2021, a building with a book value of $94,000 and an original cost of $420,000 was sold at a gain of $84,000. 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 purchase
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The plant assets section of the comparative
| ANDERS COMPANY | ||
| Comparative Year-End Balance Sheets | ||
| 2021 | 2020 | |
|---|---|---|
| Plant assets | ||
| Equipment | $ 300,000 | $ 390,000 |
| (148,000) | (258,000) | |
| Equipment, net | $ 152,000 | $ 132,000 |
| Buildings | $ 500,000 | $ 520,000 |
| Accumulated depreciation—Buildings | (172,000) | (357,000) |
| Buildings, net | $ 328,000 | $ 163,000 |
During 2021, a building with a book value of $94,000 and an original cost of $420,000 was sold at a gain of $84,000.
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 2021?
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