Question: Saks Incorporated a major U S retailer reported the following amounts

Saks Incorporated, a major U.S. retailer, reported the following amounts in the asset section of its balance sheets for the years ended January 29, 2011, and January 30, 2010:

In addition, the 2011 statement of cash flows reported the following items ($ in thousands):
Depreciation .................. $118,696
Additions to property and equipment ......... 55,721
Proceeds from the sale of property and equipment .... 548
Also, the company wrote off $1,940 ($ in thousands) in property and equipment during 2011

What was the gain or loss Saks recognized in the year ended January 29, 2011, from the sale of property andequipment?
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  • CreatedDecember 23, 2013
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