The YXZ companys beginning and ending Plant account balances were $1,800,000 and $2,370,000 respectively. The...

80.2K

Verified Solution

Question

Accounting

The YXZ companys beginning and ending Plant account balances were $1,800,000 and $2,370,000 respectively. The beginning and ending Accumulate Depreciation account balances were $560,000 and $615,000. Equipment was sold for $80,000. The equipment had cost $120,000 and had $40,000 of accumulated depreciation.

Please answer the following

A.) How much was the gain or loss on the sale of Equipment?

B.) How much was the Depreciation Expense?

C.) How much did the company spend on Purchases of Equipment?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students