Selected information from the company's financial records is presented below: During 2020, the company sold equipment with a cost of $50,000 and accumulated depreciation of $30,000. A gain of $10,000 was recognized on the sale of the equipment. This was the only equipment sale during the year.
-Refer to Metalcrafts, Inc. What was depreciation expense for 2020?
A)$30,000
B)$10,000
C)$40,000
D)$50,000

Question

Selected information from the company's financial records is presented below:  During 2020, the company sold equipment with a cost of $50,000 and accumulated depreciation of $30,000. A gain of $10,000 was recognized on the sale of the equipment. This was the only equipment sale during the year.
-Refer to Metalcrafts, Inc. What was depreciation expense for 2020?
A)$30,000 
B)$10,000 
C)$40,000 
D)$50,000

Quizplus · Accepted Answer

The Answer of Selected information from the company's financial records is presented below:  During 2020, the company sold equipment with a cost of $50,000 and accumulated depreciation of $30,000. A gain of $10,000 was recognized on the sale of the equipment. This was the only equipment sale during the year.
-Refer to Metalcrafts, Inc. What was depreciation expense for 2020?
A)$30,000 
B)$10,000 
C)$40,000 
D)$50,000

Selected Information from the Company's Financial Records Is Presented Below