Weir Company (a fictional company) uses straight-line depreciation for its property, plant, and equipment, which, stated at cost, consisted of the following:

Weir’s depreciation expenses for 20X1 and 20X0 were $55,000 and $50,000, respectively.

Required:

What amount was debited to accumulated depreciation during 20X1 because of property, plant, and equipment retirements?

Transcribed Image Text:

December 31, 20X1 20х0 $ 25,000 $ 25,000 195,000 695,000 Land Buildings Machinery and equipment 195,000 650,000 915,000 870,000 Less accumulated depreciation (400,000) $ 515,000 (370,000) $ 500,000