The annual depreciation taken on a vehicle totals $3,000.The vehicle has been in service for three full years and the adjusting entries have been completed for the year.At the end of the third year,the balance in the Depreciation Expense account is $______ and the balance in the Accumulated Depreciation account is $______.

Question

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The Depreciation Expense account shows the expense for the current year, which is $3,000. The Accumulated Depreciation account shows the total depreciation over the three years, which is $3,000 per year times three years, totaling $9,000.

The Annual Depreciation Taken on a Vehicle Totals $3,000