On January 1,2019,plant assets,net are $200,000.On December 31,2019,plant assets,net are $250,000.Depreciation expense for the year is $20,000.During the year,plant assets were acquired for $155,000 with cash.There is a Gain on sale of plant asset of $8000.What is the book value of the plant asset sold during the year?

Question

Quizplus · Accepted Answer

Beginning Balance,Plant Assets,net $200,000 + Acquisitions $155,000 - Depreciation Expense $20,000 - Book Value of Asset Sold = Ending Balance,Plant Assets,net $250,000
Book Value of Asset Sold = $85,000

On January 1,2019,plant Assets,net Are $200,000