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Phosphoric Company reported capital assets, net of accumulated depreciation, on January 1, 2013, at ...

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Phosphoric Company reported capital assets, net of accumulated depreciation, on January 1, 2013, at ...

Phosphoric Company reported capital assets, net of accumulated depreciation, on January 1, 2013, at $645,000 and $732,500 on December 31, 2013. 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) $125,500
B) $89,900
C) $71,600
D) $77,200

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Financial Accounting, Canadian Edition

Edition: 5^th

Authors: Harrison, Horngren, Thomas, Berberich, Seguin

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