Sebring Company reports depreciation expense of $49,000 for Year 2. Also, equipment costing $168,000 was sold for its book value in Year 2. The following selected information is available for Sebring Company from its comparative balance sheet. Compute the cash received from the sale of the equipment.
| At December 31 |
Year 2 |
Year 1 |
| Equipment |
$ 655,000 |
$ 823,000 |
| Accumulated Depreciation-Equipment |
464,000 |
545,000
|
. At December 31 Year 2 Year 1 Equipment $ 655,000 $ 823,000 Accumulated Depreciation-Equipment 464,000 545,000