Don\'t know what\'s wrong, but I can\'t seem to get the corresponding answer, pl

Question

Don't know what's wrong, but I can't seem to get the corresponding answer, please show steps.

9. The following information is for X Company for 2008: Equipment, January 1 $14,630 Equipment, December 31 S16,566 Purchases of equipment $7,917 Depreciation $1,552 Cost of equipment sold ?? Gain from sale of equipment $800 What was the cost of equipment sold in 2008? $4,429 WORK: CGS-payment of acc. payable = A Inv closing balance inv. beginning balance B A + B = C (new acc. payable) C + Acc. Payable beginning balance-closing balance = ANSWER

Explanation / Answer

Answer:-The cost of the equipment sold in 2008 was $4429.

Explanation:-Let sale value of Equipment sold is X.

Opening balance of Equipment + Purchase of equipment+ Gain on sale of equipment =Depreciation+ Equipment sale value+ Closing balance of Equipment

$14630 +$7917+$800 = $1552 +X + $16566

X= $23347 - $18118

X=$5229

Cost of Equipment sold = Sale value of Equipment – Gain on sale of equipment

                                       = $5229 - $800 = $4429

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