The balance in accumulated depreciation on January 1 and December 31 is $60,000 and $70,000, respectively, during a year in which an asset with a cost of $20,000 and net book value of $5,000 was sold for $3,000. Calculate the amount of depreciation expense for the current year.

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The Answer of The balance in accumulated depreciation on January 1 and December 31 is $60,000 and $70,000, respectively, during a year in which an asset with a cost of $20,000 and net book value of $5,000 was sold for $3,000. Calculate the amount of depreciation expense for the current year.

The Balance in Accumulated Depreciation on January 1 and December