Equipment costing $200,000 with accumulated depreciation of $160,000 is sold at a loss of $10,000. This implies that $30,000 cash was received from the sale.

Answer the following statement true (T) or false (F)


True

     Cost of asset$200,000  Accumulated depreciation 160,000  Book value 40,000  Cash received (30,000) Loss on sale$10,000 

Business

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On January 1, 2016, Stacie signed a lease agreement with Amy. Amy will use the equipment and make ten annual payments of $25,000 beginning December 31, 2016. The lease is considered to be a capital lease. When reading the Amy income statement, you would expect to find which of the following accounts?

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What will be an ideal response?

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Indicate whether the statement is true or false

Business