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?

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter19: Accounting For Plant Assets, Depreciation, And Intangible Assets

Section: Chapter Questions

Problem 1AFE

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