Use the information below for Maple Inc. for 2015 and 2016 to answer the followi

Question

Use the information below for Maple Inc. for 2015 and 2016 to answer the following question. Equipment, December 31, 2015 $65,000 Equipment, December 31, 2016 $72,000 Accumulated depreciation, December 31, 2015 $39,000 Accumulated depreciation, December 31, 2016 $30,000 During 2016, Maple Inc. sold equipment with a cost of $30,000 and accumulated depreciation of $27,000. A gain of $3,000 was recognized on the sale of the equipment. This was the only equipment sale during the year. What was depreciation expense for 2016? $9,000 $16,000 $18,000 $30,000

Explanation / Answer

Accumulated depreciation as on 31/12/2016 = $ 30,000

Add:Accumulated depreciation on asset sold = $ 27,000

ccumulated depreciation as on 31/12/2015 = ($ 39,000)

Current Year Depreciation =$ 18,000

Related Questions

Navigate

• Browse (All)
• Browse U
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.