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

question 131

Multiple Choice

Selected information from the company's financial records is presented below: During 2020, 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 2020?

• A)$30,000
• B)$10,000
• C)$40,000
• D)$50,000

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Definitions:

Premise

An initial assertion that paves the way for a conclusion or inference to be made.

Justification

Providing sufficient reasons, evidence, or arguments to support a claim, belief, or action as valid or acceptable.

Premise

An assertion or proposition which forms the basis for a work's conclusion; in logic, it is the antecedent of an argument.

Simp

A slang term often used to describe someone who performs excessive subservience or attention to another person, typically someone they're interested in, often disregarding their own needs or dignity.