During the 2020 calendar, Laertes Corp. sold equipment for $70,000. The equipment had cost $100,000 and had
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Question:
During the 2020 calendar, Laertes Corp. sold equipment for $70,000. The equipment had cost $100,000 and
had a book value of $52,000 at the time of sale. Data of its comparative financial statements
position are:
Dec/31/20 Dec/31/19
Equipment $ 720,000 $650,000
Accumulated Depreciation 210,000 190,000
Instructions
1. Determine Laertes depreciation for 2020.
2. Determine equipment purchased during 2020.
Related Book For
Accounting Principles
ISBN: 978-1119411482
13th edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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