Question

Cedar Fair operates amusement parks in the United States and Canada. During fiscal 2013, it reported the following (in millions):
From the income statement:
Loss (gain) on sale of equipment…………………….. $ (9)
Depreciation expense………………………………….. 125
Impairment of equipment………………………………... 3
From the balance sheet
Equipment, beginning………………………………. 1,450
Equipment, ending…………………………………. 1,500
Accumulated depreciation, beginning……………… 1,160
Accumulated depreciation, ending………………… 1,250
Equipment costing $ 120 was purchased during the year.
Required:
For the equipment that was disposed of during the year, compute the following: (a) its original cost, (b) its accumulated depreciation, and (c) cash received from the disposal.


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  • CreatedNovember 02, 2015
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