G Solved 3M Co reports beg Connect educationcomflowconnec

G Solved: 3M Co. reports beg + ? Connect × education.com/flow/connect html Saved Chapters 15 to 18 Homework Project: Due o. The plant assets section of the comparative balance sheets of Anders Company is report ANDERS COMPANY Comparative Balance Sheets Pert 2 of 2 2017 2016 Plant assets Equipment Accum. Depr.-Equipment (104,e00)(214,000) Equipment, net Buildings Accum. Depr.-Buildings(186,000) (291,000) Buildings, net $ 198,0e8 280,eee 1.76 points 86,00 66,80 $ 390,000 $ 410,eee elook 284,80e 119,800 During 2017, a building with a book value of $72,000 and an original cost of $310,000 was sold a 1. How much cash did Anders receive from the sale of the building? 2. How much depreciation expense was recorded on buildings during 2017? O Type here to search FI FS

Solution

Answer 2.

Depreciation on Building sold = Original Cost - Book Value
Depreciation on Building sold = $310,000 - $72,000
Depreciation on Building sold = $238,000

Depreciation Expense on Building = Ending Accumulated Depreciation-Building + Depreciation on Building Sold - Beginning Accumulated Depreciation-Building
Depreciation Expense on Building = $106,000 + $238,000 - $291,000
Depreciation Expense on Building = $53,000

Answer 3.

Building Purchased = Ending Buildings + Cost of Building Sold - Beginning Buildings
Building Purchased = $390,000 + $310,000 - $410,000
Building Purchased = $290,000