Business, 03.03.2020 20:05 valejuan

During the period, Sanchez Company sold some excess equipment at a loss. The following information was collected from the company’s accounting records:

From the Income Statement
Depreciation expense $ 870
Loss on sale of equipment 2,900
From the Balance Sheet
Beginning equipment 20,300
Ending equipment 11,000
Beginning accumulated depreciation 1,980
Ending accumulated depreciation 1,750

No new equipment was bought during the period.

Required:
1. For the equipment that was sold, determine its original cost, its accumulated depreciation, and the cash received from the sale. (Use the equipment and accumulated depreciation T-accounts to infer the book value of the equipment sold.)
2. Sanchez Company uses the indirect method for the Operating Activities section of the cash flow statement. What amount related to the sale would be added or subtracted in the computation of Net Cash Flows from Operating Activities? (Input the amount as positive value.)
3. What amount related to the sale would be added or subtracted in the computation of Net Cash Flows from Investing Activities? (Input the amount as positive value.)

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During the period, Sanchez Company sold some excess equipment at a loss. The following information w...

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