70.2K

Verified Solution

Link Copied!

help asap!!!

On January 1, Year 1, Bacco Company had a balance of $69,600 in its Delivery Equipment account. During Year 1. Bacco purchased delivery equipment that cost $36,500. The balance in the Delivery Equipment account on December 31, Year 1, was $70.296. The Year 1 income statement reported a gain from the sale of equipment for $3,700. On the date of sale, accumulated depreciation on the equipment sold amounted to $14,500 Required a. Determine the original cost of the equipment that was sold during Year 1 b. Determine the amount of cash flow from the sale of delivery equipment that should be shown in the investing activities section of the Year 1 statement of cash flows, Complete this question by entering your answers in the tabs below. Required A Required B Determine the original cost of the equipment that was sold during Year 1 Original cost of the equipment Retrou Required 8 ) On January 1, Year 1. Bacco Company had a balance of $69,600 in its Delivery Equipment account. During Year 1, Bacco purchased delivery equipment that cost $36,500. The balance in the Delivery Equipment account on December 31 Year 1, was $70,296. The Year 1 income statement reported again from the sale of equipment for $3,700. On the date of sale, accumulated depreciation on the equipment sold amounted to $14,500 Required a. Determine the original cost of the equipment that was sold during Year 1 b. Determine the amount of cash flow from the sale of delivery equipment that should be shown in the investing activities section of the Year 1 statement of cash flows. Complete this question by entering your answers in the tabs below. Required A Required B Determine the amount of cash flow from the sale of delivery equipment that should be shown in the investing activities section of the Year 1 statement of cash flows Amount of cash flow

Answer & Explanation Solved by verified expert

See Answer