Metalcrafts Inc. Selected information from the company's financial records is presented below:
Equipment, December 31, 2013 $300,000
Equipment, December 31, 2014 400,000
Accumulated depreciation, December 31, 2013 80,000
Accumulated depreciation, December 31, 2014 60,000
During 2014, the company sold equipment with a cost of $50,000 and accumulated depreciation of $30,000. A gain of $10,000 was recognized on the sale of the equipment. This was the only equipment sale during the year.
Refer to Metalcrafts, Inc. What was depreciation expense for 2014?\
a. $40,000
b. $10,000
c. $50,000
d. $30,000
Answer: b. $10,000
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