On January 1, 2010, the Accumulated DepreciationMachinery account of a particular company showed a balance...
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On January 1, 2010, the Accumulated DepreciationMachinery account of a particular company showed a balance of $370,000. At the end of 2010, after the adjusting entries were posted, it resulted balance of $395,000. During 2010, one of the machines which cost $125,000 was sold for $60,500 cash. This resulted in a loss of $4,000. Assuming that no other assets were disposed of during the year, how much was depreciation expense for 2010?
a. $85,500 b. $93,500 c. $25,000 d. $60,500
I know the answer is A. Please explain. Thank you!
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