Sebring Company reports depreciation expense of $48,000 for Year - 15741

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yousafbhutta

yousafbhutta

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  • Posted on: Tue 19 Mar, 2013
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Request Description

 Sebring Company reports depreciation expense of $48,000 for Year 2. Also, equipment costing $164,000 was sold for a $5,800 gain in Year 2. The following selected information is available for Sebring Company from its comparative balance sheet. Compute the cash received from the sale of the equipment.
  
  At December 31    Year 2    Year 1
  Equipment    $ 650,000       $ 814,000  
  Accumulated Depreciation-Equipment    460,000       540,000  
 
$41,800.
 
$36,000.
 
$84,000.
 
$30,200.
 
$48,000.
                                      

Solution Description

 

Sebring Company reports depreciation expense of $48,000 for Year 2. Also, equipment costing $164,000 was sold for a $5,800 gain in Year 2. The following selected information is available for Sebring Company from its comparative balance sheet. Compute the cash received from the sale of the equipment.

  

  At December 31