Selected information from the company's financial records is presented below:
During 2014, the company sold equipment with a cost of $50,000 and accumulated depreciation of $30,000. A gain of $10,000 was recognized on the sale of the equipment. This was the only equipment sale during the year.
-Refer to Metalcrafts, Inc. What was depreciation expense for 2014?

Question

Selected information from the company's financial records is presented below:
  During 2014, the company sold equipment with a cost of $50,000 and accumulated depreciation of $30,000. A gain of $10,000 was recognized on the sale of the equipment. This was the only equipment sale during the year.
-Refer to Metalcrafts, Inc. What was depreciation expense for 2014?

Quizplus · Accepted Answer

The Answer of Selected information from the company's financial records is presented below:
  During 2014, the company sold equipment with a cost of $50,000 and accumulated depreciation of $30,000. A gain of $10,000 was recognized on the sale of the equipment. This was the only equipment sale during the year.
-Refer to Metalcrafts, Inc. What was depreciation expense for 2014?

Selected Information from the Company's Financial Records Is Presented Below