A building cost $55,000 and had accumulated depreciation of $15,000 when it was sold for a gain

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A building cost $55,000 and had accumulated depreciation of $15,000 when it was sold for a gain of $5,000. It was a cash sale. How much cash was collected from this transaction and how would it be classified on the statement of cash flows?

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Financial Accounting: A Business Process Approach

ISBN: 978-0136115274

3rd edition

Authors: Jane L. Reimers

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Question Posted: Sep 01, 2014 01:00 PM

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A building cost $55,000 and had accumulated depreciation of $15,000 when it was sold for a gain

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The book value at the time of the sale was 40000 55000 515000 The building must have been sold for ...View the full answer

Financial Accounting: A Business Process Approach

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