Accounting

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Extracted Text:
The plant assets section of the comparative balance sheets of Anders Company is reported below. Plant assets Equipment ANDERS COMPANY Comparative Year-End Balance Sheets Accumulated depreciation-Equipment Equipment, net Buildings Accumulated depreciation-Buildings Buildings, net 2020 $ 190,000 (104,000) $ 86,000 $390,000 (106,000) $284,000 2019 $ 280,000 (214,000) $ 66,000 $410,000 (291,000) $ 119,000 QS 12-10 (Algo) Computing investing cash flows LO P3 During 2020, equipment with a book value of $42,000 and an original cost of $220,000 was sold at a loss of $3,400. 1. How much cash did Anders receive from the sale of equipment? 2. How much depreciation expense was recorded on equipment during 2020? 3. What was the cost of new equipment purchased by Anders during 2020? Cash received from the sale of equipment $ 38,600 Depreciation expense Purchase of equipment