Question

The following information is for X Company for 2019: Equipment, January 1 $12,400 Equipment, December 31...

The following information is for X Company for 2019:

Equipment, January 1 $12,400
Equipment, December 31 $16,204
Purchases of equipment $9,090
Cost of equipment sold $3,981
Depreciation expense ??

What was depreciation expense in 2019?

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Answer #1

Depreciation expense = $1,305

Working

Equipment at beginning $      12,400.00
Add: Purchase of equipment $         9,090.00
Less: Cost of equipment sold $      (3,981.00)
Equipment At ending before depreciation expense $      17,509.00
Less: Equipment at ending   $      16,204.00
Depreciation expense $         1,305.00
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