Henry Inc. reported the following information on its Balance Sheet for 2019 and 2020: ...
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Accounting
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 |
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