Chp 12-HW # 2 - due 05/...
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Cedar Fair operates amusement parks in the United States and
Canada. During a recent year, it reported the following (in millions):
2
points
From the income statement
Loss (gain) on sale of equipment
Depreciation expense
From the balance sheet
Equipment, beginning
Equipment, ending
Accumulated depreciation, beginning
Accumulated depreciation, ending
$
(9)
142
1,530
1,540
1,200
1,258
Equipment costing $128 was purchased during the year.
Required:
For the equipment that was disposed of during the year, compute the
following: (a) its original cost, (b) its accumulated depreciation, and (c)
the cash received from the disposal. (Enter your answers in millions.)
(a) Cost of equipment sold
(b) Accumulated Depreciation-Equipment
(c) Cash Received from Sale
$ in million
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