(Answered) Cedar fair operates amusement parks in the united states

Accounting

Cedar Fair operates amusement parks in the United States and Canada. During fiscal 2013, it reported the following (in millions):

From the income statement:

Loss (gain) on sale of equipment... $ (9)

Depreciation expense... 125

Impairment of equipment... 3

From the balance sheet

Equipment, beginning... 1,450

Equipment, ending... 1,500

Accumulated depreciation, beginning... 1,160

Accumulated depreciation, ending... 1,250

Equipment costing $ 120 was purchased during the year.

Required:

For the equipment that was disposed of during the year, compute the following: (a) its original cost, (b) its accumulated depreciation, and (c) cash received from the disposal.

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