Refer to the balance sheet data in QS 12 5 from Anders Company During 2018, a building with a book value of $70,000 and an original cost of $300,000 was sold at a gain of $60,000 1 How much cash did Anders receive from the sale of the building 2 How much depreciation expense was recorded on buildin...

1 Reconstructed journal entry for building sale Cash 1300 ...

Refer to the balance sheet data in QS 12-5 from Anders Company. During 2018, a building with

Question:

Refer to the balance sheet data in QS 12-5 from Anders Company. During 2018, a building with a book value of $70,000 and an original cost of $300,000 was sold at a gain of $60,000.

ANDERS COMPANY Comparative Balance Sheets 2018 2017 lant assets $ 270,000 (100,000) 210,000) $ 80,000 $ 180,000 Equipment ... Accumulated depreciation-Equipment.. Equipment, net.. $ 60,000 $ 380,000 $ 400,000 (100,000) (285,000) $ 115,000 $ 280.000 Buildings.... Accumulated depreciation-Buildings Buildings, net..

1. How much cash did Anders receive from the sale of the building?

2. How much depreciation expense was recorded on buildings during 2018?

3. What was the cost of buildings purchased by Anders during 2018?

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...

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