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Subic Bay Company reports depreciation expense of $40,000 fo…

Posted byAnonymous March 30, 2021March 30, 2021

Questions

Subic Bаy Cоmpаny repоrts depreciаtiоn expense of $40,000 for Year 2. Also, equipment costing $240,000 was sold for a $10,000 loss in Year 2. The following selected information is available for Subic Bay Company from its comparative balance sheet. Compute the cash received from the sale of the equipment.  At December 31 Year 2 Year 1 Equipment $ 510,000   $ 750,000   Accumulated Depreciation-Equipment   328,000     500,000  

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