70.2K
Verified Solution
Link Copied!
Equipment T-Account Analysis The following information was taken from the records of S&W Corporation:
- Reconstruct the journal entry that recorded the sale of equipment during Year 2. Assume that asset sale occurred at the end of Year 2.
- How much equipment was purchased during Year 2?
accumulated depreciation is supposed to be 3100 not sure how to get there
\begin{tabular}{lrr} Balance Sheet & Year2 & Year1 \\ Equipment & $26,900 & $23,400 \\ Less:Accumulated Depreciation & 10,500 & 9,800 \\ Net Book Value & 16,400 & $13,600 \\ IncomeStatement & & \\ Depreciation Expense & $3,800 & $3,500 \\ Loss on Sale of Equipment & 900 & 0 \\ Statement of Cash Flows & & \\ Cash Received on Sale of Equipment & $4,300 & 0 \end{tabular}
Answer & Explanation
Solved by verified expert
