Use the information below for Alpha Inc.for 2015 and 2016 to answer the following question. During 2016, Alpha Inc.sold equipment with a cost of $30,000 and accumulated depreciation of $25,000.A gain of $3,000 was recognized on the sale of the equipment This was the only equipment sale during the year.
What amount would be reported as the cash proceeds from the sale of equipment?
A)$2,000
B)$3,000
C)$5,000
D)$8,000

Question

Use the information below for Alpha Inc.for 2015 and 2016 to answer the following question.  During 2016, Alpha Inc.sold equipment with a cost of $30,000 and accumulated depreciation of $25,000.A gain of $3,000 was recognized on the sale of the equipment This was the only equipment sale during the year.
What amount would be reported as the cash proceeds from the sale of equipment?
A)$2,000 
B)$3,000 
C)$5,000 
D)$8,000

Quizplus · Accepted Answer

The Answer of Use the information below for Alpha Inc.for 2015 and 2016 to answer the following question.  During 2016, Alpha Inc.sold equipment with a cost of $30,000 and accumulated depreciation of $25,000.A gain of $3,000 was recognized on the sale of the equipment This was the only equipment sale during the year.
What amount would be reported as the cash proceeds from the sale of equipment?
A)$2,000 
B)$3,000 
C)$5,000 
D)$8,000

Use the Information Below for Alpha Inc