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Jeffreys Company reports depreciation expense of $57,000 for Year 2. Also, equipment costing $191,000 was...

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Accounting

Jeffreys Company reports depreciation expense of $57,000 for Year 2. Also, equipment costing $191,000 was sold for a $11,700 loss in Year 2. The following selected information is available for Jeffreys Company from its comparative balance sheet. Compute the cash received from the sale of the equipment. At December 31 Year 2 Year 1 Equipment $ 695,000 $ 886,000 Accumulated Depreciation-Equipment 496,000 585,000

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