Phosphoric Company reported capital assets, net of accumulated depreciation, on January 1, 2020, at $645,000 and $732,500 on December 31, 2020. The income statement showed depreciation of $48,300 and a $5,600 loss on sale of capital assets. Phosphoric Company acquired $213,000 of capital assets during the year. The proceeds from the sale of capital assets were:
A) $89,900
B) $77,200
C) $125,500
D) $71,600

Question

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The Answer of Phosphoric Company reported capital assets, net of accumulated depreciation, on January 1, 2020, at $645,000 and $732,500 on December 31, 2020. The income statement showed depreciation of $48,300 and a $5,600 loss on sale of capital assets. Phosphoric Company acquired $213,000 of capital assets during the year. The proceeds from the sale of capital assets were:
A) $89,900
B) $77,200
C) $125,500
D) $71,600

Phosphoric Company Reported Capital Assets, Net of Accumulated Depreciation, on January