Company B's December 31 Year-End Balance Sheet reveals the following: • December 31, 2020 net PPE of $865 • December 31, 2020 Accumulated Depreciation of $250 • December 31, 2021 net PPE of $770 • December 31, 2021 Accumulated Depreciation of $230 • Annual 2021 Depreciation Expense was $100 • During 2021, PPE was purchased for $560; all PPE purchases are made in cash. • During 2021, the gain of the sale of PPE was $20 What is the journal entry Company B recorded to recognize 2021 depreciation expense? Dr. Accumulated Depreciation $20 Cr. Depreciation Expense $20 Dr. Depreciation Expense $100 Cr. Accumulated Depreciation $100 Dr. Depreciation Expense $20 Cr. Accumulated Depreciation $20 Dr. Depreciation Expense $100 Cr. PPE $100
Company B's December 31 Year-End
• December 31, 2020 net PPE of $865
• December 31, 2020
• December 31, 2021 net PPE of $770
• December 31, 2021 Accumulated Depreciation of $230
• Annual 2021 Depreciation Expense was $100
• During 2021, PPE was purchased for $560; all PPE purchases are made in cash.
• During 2021, the gain of the sale of PPE was $20
What is the
Dr. Accumulated Depreciation $20
Cr. Depreciation Expense $20
Dr. Depreciation Expense $100
Cr. Accumulated Depreciation $100
Dr. Depreciation Expense $20
Cr. Accumulated Depreciation $20
Dr. Depreciation Expense $100
Cr. PPE $100
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