The following entry was recorded by Alex Corp.: $$\begin{array} { | l | r | r | }
\hline \text { Cash } & 80,000 & \
\hline \text { Accumulated depreciation } & 50,000 & \
\hline \text { Loss on disposal of property, plant, and } & 20,000 & \
\text { equipment (PPE) } & & \
\hline \text { PPE } & & 150,000 \
\hline
\end{array}$$ What is the effect of this entry on the financial statements?

Question

The following entry was recorded by Alex Corp.: $$\begin{array} { | l | r | r | } 
\hline \text { Cash } & 80,000 & \
\hline \text { Accumulated depreciation } & 50,000 & \
\hline \text { Loss on disposal of property, plant, and } & 20,000 & \
\text { equipment (PPE) } & & \
\hline \text { PPE } & & 150,000 \
\hline
\end{array}$$ What is the effect of this entry on the financial statements?

Quizplus · Accepted Answer

The Answer of The following entry was recorded by Alex Corp.: $$\begin{array} { | l | r | r | } 
\hline \text { Cash } & 80,000 & \
\hline \text { Accumulated depreciation } & 50,000 & \
\hline \text { Loss on disposal of property, plant, and } & 20,000 & \
\text { equipment (PPE) } & & \
\hline \text { PPE } & & 150,000 \
\hline
\end{array}$$ What is the effect of this entry on the financial statements?

The Following Entry Was Recorded by Alex Corp What Is the Effect of This Entry on the Financial