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The plant assets section of the comparative balance sheets of Anders Company is reported below.
| ANDERS COMPANY |
| Comparative Balance Sheets |
| | | 2016 | | | | 2015 | |
| Plant assets | | | | | | | |
| Equipment | $ | 245,000 | | | $ | 335,000 | |
| Accum. Depr.Equipment | | (126,000 | ) | | | (236,000 | ) |
| Equipment, net | $ | 119,000 | | | $ | 99,000 | |
| Buildings | $ | 445,000 | | | $ | 465,000 | |
| Accum. Depr.Buildings | | (139,000 | ) | | | (324,000 | ) |
| Buildings, net | $ | 306,000 | | | $ | 141,000 | |
| |
During 2016, a building with a book value of $83,000 and an original cost of $365,000 was sold at a gain of $62,600.
1. How much cash did Anders receive from the sale of the building?
Cash recieved from the sale of the building =
2. How much depreciation expense was recorded on buildings during 2016?
Depreciation Expense =
3. What was the cost of buildings purchased by Anders during 2016?
Purchase of building =
Answer & Explanation
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