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Land:

$94,000

$94,000

Equipment:

652,000

527,000

Less: Accumulated depreciation

-316,000

-341,000

New equipment purchased during 20x4 totaled $280,000. The 20x4 income statement disclosed equipment depreciation expense of $41,000 and a $9,000 loss on the sale of equipment.

a. Find out the cost and accumulated depreciation of the equipment sold during 20X4.

b. Find out the selling price of the equipment sold.

c. Describe how the sale of equipment would appear on statement of cash flows prepared by using the indirect process.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M915445

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