4 0 Required information Use the following information for the Quick Study below

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4 0 Required information Use the following information for the Quick Study below. The following information applies to the questions displayed below The plant assets section of the comparative balance sheets of Anders Company is reported below Pert 2 of 2 136 points Conparative Balance Sheets 2017 Plant assets $205 ,eee $295,000 Equipment Accum. Depr.-Equipment- (110,0001-(220,009) Equipment, net Buildings Accum. Depr-Buildings (115,000) (300, 000) Buildings, net $ 95,000 75,000 405,000 % 425,000 Print References $ 290,000 % 125,000 QS 12-6 Indirect: Computing investing cash flows LO P2 Duning 2017, a building with a book value of $75,000 and an original cost of $325,000 was sold at a gain of $65,000 1. How much cash did Anders receive from the sale of the building? 2. How much depreciation expense was recorded on buildings during 2017 3. What was the cost of buildings purchased by Anders during 2017? Cash received from the sale of building 140.000 2 Depreciation expense 3 Purchase of building

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Answer

1 Cash received from Sale of Building         140,000 2 Building Purchase         305,000 3 Depreciation Expense           65,000 Working 2017 2016 Building         405,000         425,000 AccDep -115,000 -300,000 Book Value         290,000         125,000 Sold Original Cost         325,000 Acc Dep -250,000 Bookvalue           75,000 1 Cash received from Sale of Building         140,000 (75000+65000) 2 Building Purchase         305,000 (Closing Balance+Sold - Opening = 405000+325000-425000) 3 Depreciation Expense           65,000 (Closing Balance+Sold - Opening = 115000+250000-300000)

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