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Compute the cash received from the sale of the equipment

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Problem 1: Favre Company reports depreciation expense of $55,000 for Year 2. Also, equipment costing $185,000 was sold for a $11,500 loss in Year 2. The following selected information is available for Favre Company from its comparative balance sheet. Compute the cash received from the sale of the equipment.

At December 31                                               Year 2                   Year 1
Equipment                                               $685,000           $870,000
Accumulated Depreciation-Equipment            488,000             575,000

Reference no: EM132889411

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