Received cash for the sale of equipment that had cost $70,600, yielding a $4,200 gain.
Question
Received cash for the sale of equipment that had cost 4,200 gain.
Solution
To analyze the received cash for the sale of equipment, we can break down the problem into understanding the financial implications of the transaction.
Breakdown of the Problem
- Cost of Equipment: $70,600
- Gain on Sale: $4,200
- Cash Received from Sale: This is what we need to compute.
Relevant Concepts
- The gain on the sale of an asset is calculated as:
Analysis and Detail
To find the cash received, we can rearrange the formula: Substituting the known values:
Verify and Summarize
Now, let's perform the addition:
Final Answer
The cash received from the sale of the equipment is $74,800.
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