Question

The following information is for X Company for the year: Equipment, January 1 $12,980 Equipment, December...

The following information is for X Company for the year:

Equipment, January 1 $12,980
Equipment, December 31 11,270
Cost of equipment sold 7,571
Purchase of equipment 7,623

What was depreciation expense for the year?

A: $682 B: $881 C: $962 D: $1,762 E: $2,562 F: $2,962
Business   Accounting   
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Answer #1

The Answer is D: $ 1,762

Working:

Equipment
Beg Balance $       12,980 Asset Sold $           7,571
Purchase of Equipment $          7,623 Depreciation[Balancing Figure] $           1,762
End Balance $       11,270
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