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BabaBlast [244]
3 years ago
10

The annual depreciation taken on a vehicle totals $4,700. The vehicle has been in service for two full years and the adjusting e

ntries have been completed for the year. At the end of the second year, the balance in the Depreciation Expense account is $______ and the balance in the Accumulated Depreciation account is $______.
Business
1 answer:
maria [59]3 years ago
4 0

Answer:

Depreciation Expense account is $4,700

Balance in the Accumulated Depreciation account is $9,400

Explanation:

Depreciation is used to determine how a value of a fixed asset decreases with time due to usage. Examples of assets that can be depreciated include equipment, buildings, vehicles and machinery. If the annual depreciation in this case is $4,700, at the end of the second year, depreciation expense would be $4,700. however, accumulated depreciation would be (4700 +4700) totaling to $9,400

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