1. On its ending 2021 balance sheet, SMT Inc. had a property plant and equipment of $1,200,000 and accumulated depreciation of $500,000. In 2022, the company purchased additional equipment for $50,000. On the ending 2022 balance sheet, the company had a carrying value for its PPE of $600,000. What was the depreciation expense for 2022?

2. When closing entries are recorded, which one of the following steps occurs?

A) Credit the income summary account by the amount of the dividends declared

B) None of the above

C) Debit all expense accounts for their full balance

D) Credit all revenue accounts for their full balance