Connect XC Solved. 3M Co. reports beg + v O A https/newconnect.mheducation.com/

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Connect XC Solved. 3M Co. reports beg + v O A https/newconnect.mheducation.com/ 0 Required information The plant assets section of the comparative balance sheets of Anders Company is reported be t 1 of 2 ANDERS COMPANY Comparative Balance Sheets 2017 2016 6 Plant assets Equipment $ 190,pee 280,e00 Accum. Depr.-Equipment (104,e00) (214,e0) Equipment, net Buildings $ 86,800 66,000 $ 390,000 418,800 Accum. Depr.-Buildings 186,e00) (291,000) Buildings, net 284,00e 119,880 During 2017, equipment with a book value of $42,000 and an original cost of $220,000 was sold at a O Type here to search

Explanation / Answer

Depreciation expense on Equipment: Accumulated depreciation Beginning Balancce 214000 Less: Accumulated dep on Sold equipment 178000 (220000-42000) 36000 Accumulated Depreciation at end 104000 Depreciation expense for the year 68000 Equipment purchased during the year: Cost of Equipment in the beginning 280000 Less: Cost of Equipment sold 220000 Balance of c ost which should have been at end 60000 Actual Cost balance at the end 190000 Cost of Equipment purchased 130000

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