5. Information for Captain Corporation for 2009 and 2010 is presented below. Equipment, December 31, 2009 Equipment, December 31, 2010 Accumulated depreciation, December 31, 2009 Accumulated depreciation, December 31, 2010 $150,000 200,000 During 2010, Captain sold equipment with a cost of $25,000 and accumulated depreciation of $15,000. A gain of $5,000 was recognized on the sale of the equipment. This was the only equipment sale during the year. A. $25,000 B. $10,000 C. $ 5,000 D. $15,000 40,000 30,000 What amount would be reported as the cash proceeds from the sale of equipment? Cash 25000 Acc Dep 15.000
5. Information for Captain Corporation for 2009 and 2010 is presented below. Equipment, December 31, 2009 Equipment, December 31, 2010 Accumulated depreciation, December 31, 2009 Accumulated depreciation, December 31, 2010 $150,000 200,000 During 2010, Captain sold equipment with a cost of $25,000 and accumulated depreciation of $15,000. A gain of $5,000 was recognized on the sale of the equipment. This was the only equipment sale during the year. A. $25,000 B. $10,000 C. $ 5,000 D. $15,000 40,000 30,000 What amount would be reported as the cash proceeds from the sale of equipment? Cash 25000 Acc Dep 15.000
Chapter14: Property Transactions: Capital Gains And Losses, § 1231, And Recapture Provisions
Section: Chapter Questions
Problem 32CE
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