Use the following selected data and additional information from the records of Utah Corp. to answer the questions that follow.
1 Equipment with a cost of $15,000 and a book value of $3,000 was sold for $5,000 during 2016.
2 Common stock was issued to retire bonds payable during 2016.
3 The only items affecting retained earnings in 2016 were net income and dividends declared and paid.
-Review the data for Utah Corp.
REQUIRED:
A What amount was paid to acquire equipment during 2016?
B What amount was recorded as depreciation expense during 2016?
C What amount was declared and paid for dividends during 2016?

Question

Use the following selected data and additional information from the records of Utah Corp. to answer the questions that follow.
   1 Equipment with a cost of $15,000 and a book value of $3,000 was sold for $5,000 during 2016.
2 Common stock was issued to retire bonds payable during 2016.
3 The only items affecting retained earnings in 2016 were net income and dividends declared and paid.
-Review the data for Utah Corp.
REQUIRED:
A What amount was paid to acquire equipment during 2016?
B What amount was recorded as depreciation expense during 2016?
C What amount was declared and paid for dividends during 2016?

Quizplus · Accepted Answer

The Answer of Use the following selected data and additional information from the records of Utah Corp. to answer the questions that follow.
   1 Equipment with a cost of $15,000 and a book value of $3,000 was sold for $5,000 during 2016.
2 Common stock was issued to retire bonds payable during 2016.
3 The only items affecting retained earnings in 2016 were net income and dividends declared and paid.
-Review the data for Utah Corp.
REQUIRED:
A What amount was paid to acquire equipment during 2016?
B What amount was recorded as depreciation expense during 2016?
C What amount was declared and paid for dividends during 2016?

Use the Following Selected Data and Additional Information from the Records