question i am getting an answer of 160 000 can someone show how to work this problem 4304010
Question
I am getting an answer of $160,000? Can someone show how to work this problem?
An analysis of changes in selected balance sheet accounts of Johnson Corporation shows the following for the current year: plant and equipment
accounts debit entries to asset accounts- $160,000
credit entries to asset accounts- $118,000
debit entries to accumulated depreciation accounts ( resulting from sale of plant assets) – $91,000
credit entries to accumulated depreciation accounts ( representing the depreciation for the current year) – $107,000
Johnson's income statement for the current year includes a $14,000 loss on disposal of plant assets. All payments and proceeds relating to purchase or sale of plant assets were in cash. Refer to the information above. The amount of cash paid by Johnson to acquire plant assets during the current year was: