Question

Required information Use the following information for the Quick Study below. [The following information applies to the questions displayed below.) The plant assets section of the comparative balance sheets of Anders Company is reported below. ANDERS COMPANY Comparative Balance Sheets 2019 2018 Plant assets Equipment Accumulated depreciation-Equipment Equipment, net Buildings Accumulated depreciation-Buildings Buildings, net $ 220,000 (116,000) $ 104,000 $ 420,000 (124,000) $ 296,000 $ 310,000 (226,000) $ 84,000 $ 440,000 (309,000) $ 131,000 QS 12-10 Computing investing cash flows LO P3 During 2019, equipment with a book value of $48,000 and an original cost of $250,000 was sold at a loss of $4,600. 1. How much cash did Anders receive from the sale of equipment? 2. How much depreciation expense was recorded on equipment during 2019? 3. What was the cost of new equipment purchased by Anders during 2019? Answer is complete but not entirely correct. Cash received from the sale of equipment Depreciation expense 2. $ 43,400 $ 6,000 $ 160,000 Purchase of equipment

I can't figure out why it's wrong. Please help.

Answer 1

1)Cash recevied from the sale of equipment
book value at the end				48000
less: loss on sale of equipment				4600
Cash recevied from the sale of equipment				43400
2) Depreciation expenses
accumulated depreciation on equipment sold
original cost				250000
less: accumulated depreciation				202000
Book value				48000
Accumulated depreciation 2018				226000
less: accumulated depreciation on equipment sold				202000
balance				24000
accumulated depreciation 2019				116000
less: balance				24000
depreciation expenses				92000
3) Purchase of equipment
equipment balance 2018				310000
less: sold original cost				250000
balance				60000
equipment balance 2019				220000
less: balance				60000
Purchase of equipment				160000