The plant assets section of the comparative balance sheets of Anders Company is reported below. ANDERS...

 

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The plant assets section of the comparative balance sheets of Anders Company is reported below. ANDERS COMPANY Comparative Year-End Balance Sheets Plant assets Equipment Accumulated depreciation-Equipment Equipment, net Buildings Accumulated depreciation-Buildings Buildings, net 2021 $ 190,000 (104,000) $ 86,000 2020 $ 280,000 (214,000) $ 66,000 $ 410,000 (291,000) $ 390,000 (106,000) $ 284,000 $ 119,000 During 2021, a building with a book value of $72,000 and an original cost of $310,000 was sold at a gain of $62,000. 1. How much cash did Anders receive from the sale of the building? 2. How much depreciation expense was recorded on buildings during 2021? 3. What was the cost of buildings purchased by Anders during 2021? > Answer is complete but not entirely correct. $ 1. Cash received from the sale of building 134,000 2. Depreciation expense $ 185,000 $ 3. Purchase of building 238,000 The plant assets section of the comparative balance sheets of Anders Company is reported below. ANDERS COMPANY Comparative Year-End Balance Sheets Plant assets Equipment Accumulated depreciation-Equipment Equipment, net Buildings Accumulated depreciation-Buildings Buildings, net 2021 $ 190,000 (104,000) $ 86,000 2020 $ 280,000 (214,000) $ 66,000 $ 410,000 (291,000) $ 390,000 (106,000) $ 284,000 $ 119,000 During 2021, a building with a book value of $72,000 and an original cost of $310,000 was sold at a gain of $62,000. 1. How much cash did Anders receive from the sale of the building? 2. How much depreciation expense was recorded on buildings during 2021? 3. What was the cost of buildings purchased by Anders during 2021? > Answer is complete but not entirely correct. $ 1. Cash received from the sale of building 134,000 2. Depreciation expense $ 185,000 $ 3. Purchase of building 238,000

Answer rating: 100% (QA)

1 Cash received from sale of building Book value of building sold 720... View the full answer