Weir Company (a fictional company) uses straight-line depreciation for its property, plant, and equipment, which, stated at cost, consisted of the following: December 31, 20X1 20X0 Land $ 25,000 $ 25,000 Buildings 195,000 195,000 Machinery and equipment 695,000 650,000 915,000 870,000 Less accumulated depreciation (400,000 ) (370,000 ) $ 515,000 $ 500,000 Weir’s depreciation expenses for 20X1 and 20X0 were $55,000 and $50,000, respectively. Required: What amount was debited to accumulated depreciation during 20X1 because of property, plant, and equipment retirements?
Weir Company (a fictional company) uses straight-line depreciation for its property, plant, and equipment, which, stated at cost, consisted of the following: December 31, 20X1 20X0 Land $ 25,000 $ 25,000 Buildings 195,000 195,000 Machinery and equipment 695,000 650,000 915,000 870,000 Less accumulated depreciation (400,000 ) (370,000 ) $ 515,000 $ 500,000 Weir’s depreciation expenses for 20X1 and 20X0 were $55,000 and $50,000, respectively. Required: What amount was debited to accumulated depreciation during 20X1 because of property, plant, and equipment retirements?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Weir Company (a fictional company) uses straight-line depreciation for its property, plant, and equipment, which, stated at cost, consisted of the following:
December 31,
20X1 20X0
Land $ 25,000 $ 25,000
Buildings 195,000 195,000
Machinery and equipment 695,000 650,000
915,000 870,000
Less accumulated depreciation (400,000 ) (370,000 )
$ 515,000 $ 500,000
Weir’s depreciation expenses for 20X1 and 20X0 were $55,000 and $50,000, respectively.
Required:
What amount was debited to accumulated depreciation during 20X1 because of property, plant, and equipment retirements?
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