On January 1, 2010, the Accumulated depreciation-Machinery account of a particular company showed a balance of $760,000 At the end of 2010, after the adjusting entries were posted, it showed a balance of $820,000.During 2010, one of the machines which cost $240,000 was sold for $118,000 cash.This resulted in a loss of $7,000.Assuming that no other assets were disposed of during the year, how much was depreciation expense for 2010?

Question

Quizplus · Accepted Answer

The Answer of On January 1, 2010, the Accumulated depreciation-Machinery account of a particular company showed a balance of $760,000 At the end of 2010, after the adjusting entries were posted, it showed a balance of $820,000.During 2010, one of the machines which cost $240,000 was sold for $118,000 cash.This resulted in a loss of $7,000.Assuming that no other assets were disposed of during the year, how much was depreciation expense for 2010?

On January 1, 2010, the Accumulated Depreciation-Machinery Account of a Particular