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On January 1, the balance in the Equipment account was $20,695; on December 31, the balance was $15,625. The Income Statement reports Depreciation Expense of $2,045. During the year, $2,946 of equipment was purchased. What was the cost of the equipment sold during the year? LOA: 1434.7917| B: 1908.2730|| C: 2538.0031| D: 3375,5441 OE: 4489.4737| F: 5971

On January 1, the balance in the Equipment account was $20,695; on December 31, the balance was $15,625. The Income Statement reports Depreciation Expense of $2,045. During the year, $2,946 of equipment was purchased. What was the cost of the equipment sold during the year? LOA: 1434.7917| B: 1908.2730|| C: 2538.0031| D: 3375,5441 OE: 4489.4737| F: 5971

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter11: Depreciation, Depletion, Impairment, And Disposal
Section: Chapter Questions
Problem 5MC: A machine with a 4-year estimated useful life and an estimated 15% residual value was acquired on...
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On January 1, the balance in the Equipment account was $20,695; on December 31, the balance was $15,625. The Income Statement reports Depreciation Expense of $2,045. During the year, $2,946 of equipment was purchased. What was the cost of the equipment sold during the year? A: 1434.7917 B: 1908.2730 C: 2538.0031 OD: 3375.5441 OE: 4489.4737 CF: 5971
Transcribed Image Text:On January 1, the balance in the Equipment account was $20,695; on December 31, the balance was $15,625. The Income Statement reports Depreciation Expense of $2,045. During the year, $2,946 of equipment was purchased. What was the cost of the equipment sold during the year? A: 1434.7917 B: 1908.2730 C: 2538.0031 OD: 3375.5441 OE: 4489.4737 CF: 5971
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