The Following Information Is Given for Building Inc During 2005 New Assets Were Purchased for of $78,000, and l

The following information is given for Building Inc.:
$$\begin{array} { l r r } \text { As of 12/31 } & { 2005 } & 2004 \\\text { PPE } & \$ 570,000 & \$ 530,000 \\\text { Accumulated depreciation } & 102,000 & 92,000 \\\text { Depreciation expense } & 30,000 & 32,000\end{array}$$
During 2005 new assets were purchased for of $78,000, and plant assets were sold at a $10,000 loss.
-What were the cash proceeds from the sale?

A) $38,000
B) $18,000
C) $10,000
D) $8,000

Correct Answer:

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