Solution-Compute the amount of depreciation expense

Compute the amount of depreciation expense

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Reference no: EM133103113

Question - Cook Company had the following excerpt from its financial records:

	12/31/2021	12/31/2020
Equipment	$939,000	$867,000
Accumulated Depreciation	647,000	605,000
Book Value	$292,000	$262,000

The following information is taken from Cook Company's records:

1. Equipment was purchased during 2021 for $123,000 cash.

2. A gain on sale of equipment of $17,000 was recorded during 2021.

3. Equipment was sold during 2021 for $42,000.

Required - Compute the amount of depreciation expense for 2021.

Reference no: EM133103113

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Compute the amount of depreciation expense

Reference no: EM133103113

Reference no: EM133103113

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