Beginning and Ending Plant Assets Are $325,000 and $370,000 Respectively

Beginning and ending plant assets are $325,000 and $370,000 respectively. Beginning and ending accumulated depreciation are $82,800 and $95,000 respectively. Depreciation expense for the period was $30,000, and new assets of $76,000 were purchased. Plant assets were sold at a $10,500 loss. What were the cash proceeds from the sale?

A) $17,800
B) $3,100
C) $2,700
D) $31,000

Correct Answer:

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