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The Company Purchased Land for $80,000. The Land is expected to last for all time. What depreciation adjustment can be made to land account? A. Dr. Depreciation Expense $80,000 Cr. Accumulated Depreciation $80,000 B. Dr. Accumulated Depreciation $80,000 Cr. Depreciation Expense 580,000 C. Dr. Depreciation Expense $5,000 Cr. Accumulated Depreciation 55,000 D. No depreciation Expense for the Land

The Company Purchased Land for $80,000. The Land is expected to last for all time. What depreciation adjustment can be made to land account? A. Dr. Depreciation Expense $80,000 Cr. Accumulated Depreciation $80,000 B. Dr. Accumulated Depreciation $80,000 Cr. Depreciation Expense 580,000 C. Dr. Depreciation Expense $5,000 Cr. Accumulated Depreciation 55,000 D. No depreciation Expense for the Land

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The Company Purchased Land for $80,000. The Land is expected to last for all time. What depreciation adjustment can be made to land account?

A. Dr. Depreciation Expense $80,000

Cr. Accumulated Depreciation $80,000

B. Dr. Accumulated Depreciation $80,000

Cr. Depreciation Expense 580,000

C. Dr. Depreciation Expense $5,000

Cr. Accumulated Depreciation 55,000

D. No depreciation Expense for the Land

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