The non-current asset section of a business's balance sheet is below. These were the only depreciable assets owned by the business.During the current year the business sold equipment which it had purchased five years previously at a cost of $10,000.The accumulated depreciation on the equipment sold was $8,000 and the cash received from the sale was $3,000.There were no additions of equipment during the year.What was the depreciation expense recorded during the current year?
A) $1,000
B) $8,000
C) $9,000
D) Cannot be determined with the information provided

Question

The non-current asset section of a business's balance sheet is below.  These were the only depreciable assets owned by the business.During the current year the business sold equipment which it had purchased five years previously at a cost of $10,000.The accumulated depreciation on the equipment sold was $8,000 and the cash received from the sale was $3,000.There were no additions of equipment during the year.What was the depreciation expense recorded during the current year?
A) $1,000 
B) $8,000 
C) $9,000 
D) Cannot be determined with the information provided

Quizplus · Accepted Answer

The Answer of The non-current asset section of a business's balance sheet is below.  These were the only depreciable assets owned by the business.During the current year the business sold equipment which it had purchased five years previously at a cost of $10,000.The accumulated depreciation on the equipment sold was $8,000 and the cash received from the sale was $3,000.There were no additions of equipment during the year.What was the depreciation expense recorded during the current year?
A) $1,000 
B) $8,000 
C) $9,000 
D) Cannot be determined with the information provided

The Non-Current Asset Section of a Business's Balance Sheet Is