Use the Following Information for Questions -Equipment Purchased During 2020 Was
A) $ 170,000

question 70

Multiple Choice

Use the following information for questions.
During calendar 2020, Laertes Corp. sold equipment for $ 70,000. The equipment had cost $ 100,000 and had a book value of $ 52,000 at the time of sale. Data from their comparative statements of financial position are: $\begin{array}{lrr}&\operatorname{Dec} 31 / 20&\operatorname{Dec} 31 / 19\\\text { Equipment } & \$ 720,000 & \$ 650,000 \\\text { Accumulated Depreciation } & 210,000 & 190,000\end{array}$
-Equipment purchased during 2020 was

• A) $ 170,000.
• B) $ 100,000.
• C) $ 70,000.
• D) $ 30,000.

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Definitions:

Gains from Trade

The benefits obtained by countries from engaging in international trade, often resulting from specializing in the production of goods for which they have a comparative advantage.

Equilibrium

The point at which the quantity of a good or service demanded equals the quantity supplied, determining the market price.

Total Surplus

In a market, the complete societal benefits are represented by the combined value of consumer and producer surplus.

Demand

The desire for a particular good or service, backed by the ability and willingness to pay for it.