Selected information from Hsu Inc. is provided below for the years ending December 31, 2009 and 2008. During 2009, 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. For how much was the equipment sold?

Question

Selected information from Hsu Inc. is provided below for the years ending December 31, 2009 and 2008.  During 2009, 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. For how much was the equipment sold?

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The Answer of Selected information from Hsu Inc. is provided below for the years ending December 31, 2009 and 2008.  During 2009, 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. For how much was the equipment sold?

Selected Information from Hsu Inc