Metalcrafts Inc.Selected information from the company's financial records is presented below:Equipment, December 31, 2019$300,000400,000Equipment, December 31, 202080,000Accumulated depreciation, December 31, 201960,000Accumulated depreciation, December 31, 2020During 2020, the company sold equipment with a cost of $50,000 and accumulated depreciation of $30,000. A gain of $10,000 wasrecognized on the sale of the equipment. This was the only equipment sale during the year.Refer to Metalcrafts, Inc. What amount would be reported as the cash proceeds from the sale of equipment?Oa. $50,000Ob. $20,000Oc. $10,000Od. $30,000

Name: Metalcrafts Inc.Selected information from the company's financial rec
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Description: Metalcrafts Inc.Selected information from the company's financial records is presented below:Equipment, December 31, 2019$300,000400,000Equipment, December 31, 202080,000Accumulated depreciation, December 31, 201960,000Accumulated depreciation, Dece

Carrying value of equipment sold = cost - accumulated depreciation of the equipment. =50,000 -…

Answered: What amount would be reported as the…

Business

Accounting

What amount would be reported as the cash proceeds from the sale of equipment?

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter18: Accounting For Long-term Assets

Section: Chapter Questions

Problem 2CE

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