Equipment with a residual value of $50,000 at the end of 10 years was acquired at the beginning of 2019 for $500,000. Assuming the use of the straight-line depreciation method, the journal entry to record depreciation expense for 2021 will have a debit to
A. Depreciation Expense and a credit to Accumulated Depreciation for $50,000.
B. Accumulated Depreciation and a credit to Equipment for $50,000.
C. Depreciation Expense and a credit to Equipment for $45,000.
D. Depreciation Expense and a credit to Accumulated Depreciation for $45,000.
Answer: D
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