Given:
beginning gross PP&E: $100
ending gross PP&E: $256
cost of gross PP&E purchased during the year: $237
beginning accumulated depreciation: $29
ending accumulated depreciation: $98
depreciation expense during the year: $124
proceeds from sale of PP&E during the year: $49
Question:
calculate the GAIN ON SALE OF PP&E during the year
Thanks!
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Its been a while since I last took accounting but I'm getting 23.
Debit cash 49 Debit A/D 55 (plug number) Credit PPE 81 (plug number) Credit Gain 23 (plug number)
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