During Benson Company's Most Recent Fiscal Year,beginning Plant Assets,net of Depreciation,totaled

question 28

Multiple Choice

During Benson Company's most recent fiscal year,beginning plant assets,net of depreciation,totaled $150,000,and ending plant assets totaled $187,500.Depreciation expense of $10,500 and a loss on sale of equipment of $1,125 was reported on the income statement.The company purchased plant assets for $60,050 during the year.How much will be reported as cash received from the sale of equipment in the investing activities

• A)$22,550
• B)$10,925
• C)$21,425
• D)$36,375
• E)None of the answer choices is correct.

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