Equipment costing $400,000 with accumulated depreciation of $260,000 is sold at a gain of $10,000. This implies that $130,000 cash was received from the sale.
Answer the following statement true (T) or false (F)
False
Cost of asset$400,000 Accumulated depreciation 260,000 Book value 140,000 Gain on sale 30,000 Cash received from sale$150,000
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