On January 6, 2020, GMC purchased equipment for $55,900. The equipment will be used for...
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Accounting
On January 6, 2020, GMC purchased equipment for $55,900. The equipment will be used for four years or a total of 6,500 hours and then sold for about $1,900. On December 31, 2020, depreciation expense in the amount of 13,500 was recorded using the Straight-Line Method.
Required:
What is the book value at December 31, 2020 after the entry for depreciation was recorded for 2020.
a. 49,400
b. 55,900
c. 54,000
d. 42,400
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