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Hybrid Ltd Provides the Following Information for the Period Ended

Question 37

Multiple Choice

Hybrid Ltd provides the following information for the period ended 30 June 2015: $0 Opening balance plant and equipment 1000 Closing balance plant and equipment 1203 Revalued plant:  Cost 100 Accumulated depreciation 15 Revalued to 153 Plant purchased in exchange for services with fair value of 30 Plant sold for cash:  Cost 400 Accumulated depreciation 250 Cash received 200\begin{array}{|l|r|} \hline & \$ 0 \\\hline \text { Opening balance plant and equipment } & 1000 \\\hline \text { Closing balance plant and equipment } & 1203 \\\hline \text { Revalued plant: } &\\\hline \text { Cost } & 100 \\\hline \text { Accumulated depreciation } & 15 \\\hline \text { Revalued to } & 153 \\\hline\text { Plant purchased in exchange for services with fair value of }&30\\\hline\text { Plant sold for cash: }\\\hline \text { Cost } & 400 \\\hline \text { Accumulated depreciation } & 250 \\\hline \text { Cash received } & 200 \\\hline\end{array} What was the amount of cash used to acquire plant and equipment?


A) $626 000
B) $114 000
C) $520 000
D) $270 000

Correct Answer:

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