Cash received from sale = $ 1700
A sale is a deal in which two or more parties exchange products or services for cash or other assets.
A sale would be when you purchase anything from a local store or an internet retailer. Wherever you ask for anything, the merchant will always respond. The sale occurs when the product is paid for and purchased.
Given that,
Beginning equipment = $ 12500
Ending equipment = ($ 6500)
Cost of the equipment sold = $ 6000
Beginning accumulated depreciation = $ 2000
Add: depreciation expense for the year = $ 500
Less: ending accumulated depreciation = $ 2200
Accumulated depreciation on equipment sold= $ 300
Cost of the equipment sold = $ 6000
Less:Accumulated depreciation = $ 300
value of equipment sold(6000-300)= $ 5700
Less: loss on equipment sold = $ 4000
Cash received from sale = $ 1700
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