Reference no: EM133234258
Fixed Assets of The New York Times Company
Use the attached balance sheet for the year 2020 to answer the following questions about long-term assets of The New York Times Company. All numbers in the questions below and in the balance sheet are in $ thousands.
1. How much did The New York Times originally pay for all the equipment that it owned as of December 27th, 2020?
2. Assuming that no Buildings (including Building Equipment and Improvements) were sold / retired / impaired during the year 2020, how much did The New York Times pay to purchase / improve Buildings (including Building Equipment and Improvements) during the year?
3. Assume that The New York Times had purchased $86,000 in additional equipment and recorded total depreciation expenses of $42,000 during fiscal year 2020. Also, assume that the only thing that The New York Times sold was one piece of printing equipment for $6,000 in cash in 2020.
a. How much did The New York Times originally pay for the piece of equipment that was sold?
b. At the time of sale, what was the accumulated depreciation on the piece of equipment that was sold?
c. Did the company record a gain or a loss on the sale of printing equipment?
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