Sebring Company reports depreciation expense of $40,000 for Year 2. Also, equipment costing $140,000 was sold for its book value in Year 2. The following selected information is available for Sebring Company from its comparative balance sheet. Compute the cash received from the sale of the equipment.
A) $72,000.
B) $68,000.
C) $28,000.
D) $40,000.
E) $36,000.

Question

Sebring Company reports depreciation expense of $40,000 for Year 2. Also, equipment costing $140,000 was sold for its book value in Year 2. The following selected information is available for Sebring Company from its comparative balance sheet. Compute the cash received from the sale of the equipment. 
A) $72,000. 
B) $68,000. 
C) $28,000. 
D) $40,000. 
E) $36,000.

Quizplus · Accepted Answer

The Answer of Sebring Company reports depreciation expense of $40,000 for Year 2. Also, equipment costing $140,000 was sold for its book value in Year 2. The following selected information is available for Sebring Company from its comparative balance sheet. Compute the cash received from the sale of the equipment. 
A) $72,000. 
B) $68,000. 
C) $28,000. 
D) $40,000. 
E) $36,000.

Sebring Company Reports Depreciation Expense of $40,000 for Year 2