The following financial information was taken from the records of White Bones Inc. The company purchased equipment

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The following financial information was taken from the records of White Bones Inc.

2017 2016 BALANCE SHEET $37,500 $32,700 Equipment Less: Accumulated depreciation 17,600 14,300 $19,900 $18,400 Net book

The company purchased equipment for $12,000 during 2017.
a. How much cash was collected on the sale of equipment during 2017?
b. Reconstruct the entry that recorded the sale of equipment during 2017.

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Financial Accounting in an Economic Context

ISBN: 978-1119444367

10th edition

Authors: Jamie Pratt

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Question Posted: Dec 03, 2018 04:32 AM

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The following financial information was taken from the records of White Bones Inc. The company purchased equipment

Question:

2017 2016 BALANCE SHEET $37,500 $32,700 Equipment Less: Accumulated depreciation 17,600 14,300 $19,900 $18,400 Net book value INCOME STATEMENTS $ 7,200 $ 6,800 Depreciation expense Gain on disposal of fixed assets 2,100

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a and b First let us compute the original cost of the equipment that was sold in 2017 as follows Equ...View the full answer

Financial Accounting in an Economic Context

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