Sean-McDonald Company sold a printer with a cost of $34,000 and accumulated depreciation of $21,000 for...
Sean-McDonald Company sold a printer with a cost of $34,000 and accumulated depreciation of $21,000 for $10,000 cash. This transaction would be reported as: A. An operating activity. B. An investing activity. C. A financing activity. D. An operating and investing activity.
Homework Answers
| $ | |
|---|---|
| Cost of Printer | 34,000 |
| Less: Accumulated Depreciation | 21,000 |
| Book Value of Asset | 13,000 |
| Sale of Printer | 10,000 |
| Loss on sale of Printer | $3,000 |
a) The sale of Printer for $10,000 is an investing activity.
b) Loss on sale of Printer is an operating activity.
So correct answer is option (D) An operating and investing activity.
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