! Required information Use the following information for the Quick Study below. (Algo) [The following information applies to the questions displayed below.] The plant assets section of the comparative balance sheets of Anders Company is reported below. ANDERS COMPANY Comparative Year-End Balance Sheets 2021 Plant assets Equipment Accumulated depreciation-Equipment Equipment, net Buildings Accumulated depreciation-Buildings Buildings, net $ 210,000 (112,000) $ 98,000 $ 410,000 (118,000) $ 292,000 QS 12-11 (Algo) Computing investing cash flows LO P3 1. Cash received from the sale of building 2. Depreciation expense 3. Purchase of building 2020 $ 300,000 (222,000) $ 78,000 $ 430,000 (303,000) $ 127,000 During 2021, a building with a book value of $76,000 and an original cost of $330,000 was sold at a gain of $66,000. 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?
! Required information Use the following information for the Quick Study below. (Algo) [The following information applies to the questions displayed below.] The plant assets section of the comparative balance sheets of Anders Company is reported below. ANDERS COMPANY Comparative Year-End Balance Sheets 2021 Plant assets Equipment Accumulated depreciation-Equipment Equipment, net Buildings Accumulated depreciation-Buildings Buildings, net $ 210,000 (112,000) $ 98,000 $ 410,000 (118,000) $ 292,000 QS 12-11 (Algo) Computing investing cash flows LO P3 1. Cash received from the sale of building 2. Depreciation expense 3. Purchase of building 2020 $ 300,000 (222,000) $ 78,000 $ 430,000 (303,000) $ 127,000 During 2021, a building with a book value of $76,000 and an original cost of $330,000 was sold at a gain of $66,000. 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?
Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter19: Accounting For Plant Assets, Depreciation, And Intangible Assets
Section19.5: Declining-balance Method Of Depreciation
Problem 1OYO
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