Use the Information Below for Shorter Inc During 2017, Shorter Inc

question 204

Multiple Choice

Use the information below for Shorter Inc.for 2016 and 2017 to answer the following question. $$\begin{array} { l r } \text { Equipment, December 31,2016 } & \$ 65,000 \\\text { Equipment, December } 31,2017 & 72,000 \\\text { Accumulated depreciation, December 31,2016 } & 39,000 \\\text { Accumulated depreciation, December 31,2017 } & 30,000\end{array}$$ During 2017, Shorter Inc.sold equipment with a cost of $30,000 and accumulated depreciation of $25,000.A gain of $3,000 was recognized on the sale of the equipment This was the only equipment sale during the year. Assume that all purchases of equipment were paid with cash.How much cash was paid by Shorter for the purchase of equipment during 2017?

• A) $7,000
• B) $30,000
• C) $37,000
• D) $72,000

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