Use the Information Presented Below for Chambersburg Corp ​
-Refer to the Information for Chambersburg Corp

question 176

Multiple Choice

Use the information presented below for Chambersburg Corp.for 2017 and 2016 to answer the questions that follow.Chambersburg uses the straight-line depreciation method. $\begin{array}{lrr}&\mathbf{2 0 1 7} & \mathbf{2 0 1 6} \\\text { Property, plant, and equipment }&\$ 250,000 & \$ 190,000 \\\text {Accumulated depreciation }&100,000 & 85,000 \\\text { Depreciation expense }&62,500 & 47,500 \\\text { Net sales }&1,000,000 & 900,000 \\\text { Average Total assets }&625,000 & 475,000\\\end{array}$ ​
-Refer to the information for Chambersburg Corp. ?
Between 2016 and 2017, Chambersburg sold some equipment that had an original cost of $57,500.Which statement is most likely true concerning transactions that must have occurred during the period?

• A) Chambersburg also purchased additional equipment during the year.
• B) The selling price of the equipment sold was reported with net sales.
• C) The equipment that was sold had a book value of $12,500.
• D) The equipment sold had not been reported with Chambersburg's property, plant and equipment.

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