Patterson Co.'s Depreciation Expense is $56,000 and the beginning and ending Accumulated Depreciation balances are $420,000 and $434,000,respectively.What is the cash paid for depreciation?
A)$56,000
B)$14,000
C)$0
D)$70,000

Question

Quizplus · Accepted Answer

When initially recording depreciation,we increase Depreciation Expense (with a debit)and increase Accumulated Depreciation (with a credit).Notice that depreciation does not involve cash.