50.1K
Verified Solution
Link Copied!
Henry Inc. reported the following information on its Balance Sheet for 2019 and 2020:
| | 12/31/2020 | 12/31/2019 |
| Equipment | $115,000 | $80,000 |
| Less: Accumulated Depreciation | ($12,000) | ($10,000) |
| Net Book Value | $103,000 | $70,000 |
In 2020, Henry purchased a new piece of equipment for $47,000 and sold some old equipment. What was the historical cost of the equipment sold?
| | $35,000 |
| | $12,000 |
| | $20,000 |
| | $24,000 |
Answer & Explanation
Solved by verified expert
