Lovell Company reported the following information related to its long-term assets: Property, plant, and equipment, beginning balance

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Lovell Company reported the following information related to its long-term assets:

Property, plant, and equipment, beginning balance . . . . . . . . . . . . . . . . . . . . . . . . . . $230,000

Property, plant, and equipment, ending balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 260,000

Accumulated depreciation, beginning balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81,000

Accumulated depreciation, ending balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79,000

Depreciation expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,500

In addition, the company disclosed that it sold equipment with a historical cost of $25,000 for $21,000. Using this information, compute cash paid for property, plant, and equipment.


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Accounting concepts and applications

ISBN: 978-0538745482

11th Edition

Authors: Albrecht Stice, Stice Swain

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