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What was lamar company depreciation expense

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Reference no: EM132801723

Question - During 2020, Lamar Company sold assets that were originally purchased at P320,000 for P255,000. This resulted in a gain of P30,000. The balance in accumulated depreciation on January 1, 2020 was P880,000, and the balance on December 31, 2020 was 925,000 on December 31, 2020. There were no other disposal or acquisition of depreciable assets during 2020. What was Lamar Company's depreciation expense for 2020?

a. 140,000

b. 85,000

c. 110,000

d. 45,000

Reference no: EM132801723

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