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vredina [299]
3 years ago
11

Ichor Co. reported equipment with an original cost of $379,000 and $344,000 and accumulated depreciation of $153,000 and $128,00

0, respectively, in its comparative financial statements for the years ended December 31, 20X5 and 20X4. During 20X5, Ichor purchased equipment costing $50,000 and sold equipment with a carrying value of $9,000. What amount should Ichor report as depreciation expense for 20X5?A. $19,000
B. $25,000
C. $31,000
D. $34,000
Business
1 answer:
mezya [45]3 years ago
7 0

Answer:

C. $31,000

Explanation:

The computation of the depreciation expense is shown below:

Net balance of the equipment on the year 20X5

= Original cost - accumulated depreciation

= $379,000 - $153,000

= $226,000

Net balance of the equipment on the year 20X4

= Original cost - accumulated depreciation

= $344,000 - $128,000

= $216,000

So, the difference is $10,000

And, in 20X5, the loss on sale of equipment is

= $50,000 - $9,000

= $41,000

Now the depreciation expense is

= $41,000 - $10,000

= $31,000

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<h3>What would be the opportunity cost?</h3>

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