Selected information from Cooke Inc. is provided below for the years ending December 31, 2017 and 2016.
$\begin{array}{lrr}
& 2017 & 2016 \
\hline \text { Accumulated depreciation } & \$ 32,000 & \$ 29,000 \
\text { Equipment } & 60,000 & 55,000
\end{array}$
During 2017, depreciation expense was recorded. New equipment was acquired for cash. Old equipment which was 70% depreciated with an original cost of $26,000 was sold for a gain of $4,000. What is the cost of the new equipment acquired?

Question

Selected information from Cooke Inc. is provided below for the years ending December 31, 2017 and 2016.
$\begin{array}{lrr} 
& 2017 & 2016 \
\hline \text { Accumulated depreciation } & \$ 32,000 & \$ 29,000 \
\text { Equipment } & 60,000 & 55,000
\end{array}$
During 2017, depreciation expense was recorded. New equipment was acquired for cash. Old equipment which was 70% depreciated with an original cost of $26,000 was sold for a gain of $4,000. What is the cost of the new equipment acquired?

Quizplus · Accepted Answer

The Answer of Selected information from Cooke Inc. is provided below for the years ending December 31, 2017 and 2016.
$\begin{array}{lrr} 
& 2017 & 2016 \
\hline \text { Accumulated depreciation } & \$ 32,000 & \$ 29,000 \
\text { Equipment } & 60,000 & 55,000
\end{array}$
During 2017, depreciation expense was recorded. New equipment was acquired for cash. Old equipment which was 70% depreciated with an original cost of $26,000 was sold for a gain of $4,000. What is the cost of the new equipment acquired?

Selected Information from Cooke Inc During 2017, Depreciation Expense Was Recorded