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Home/ Questions/The plant assets section of the comparative balance sheets of Anders Company is reported below. During...
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Asked: April 14, 20222022-04-14T18:46:28+00:00 2022-04-14T18:46:28+00:00In: Accounting

The plant assets section of the comparative balance sheets of Anders Company is reported below. During…

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The plant assets section of the comparative balance sheets of Anders Company is reported below.

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..8..

During 2017, Equipment with a book value of $40,000 and an original cost of $210,000 was sold at a loss of $3,000.

1. How much cash did Anders receive from the sale of equipment?

2. How much depreciation expense was recorded on equipment during 2017 ? 

3. What was the cost of new equipment purchased by Anders during 2017 ? 

♦ Relevant knowledge

Fixed Asset Disposal does not mean usually the case. A fixed asset, also known as PP&E, is depreciated until it has zero book value , and then destroyed with nothing and there is zero loss. It is more likely to find an additional market for industrial machines or at the very minimum, for the scrap that is left behind from the machine. There is also a tendency to find disposal costs due to environmental concerns.

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    James White
    2022-04-14T18:46:31+00:00Added an answer on April 14, 2022 at 6:46 pm

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