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Compute the cash received from the sale of the equipment

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Reference no: EM132971940

Question - 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.

At December 31

Year 2

Year 1

Equipment

$685,000

$870,000

Accumulated Depreciation-Equipment

488,000

575,000

Required - Compute the cash received from the sale of the equipment.

Reference no: EM132971940

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