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7. Garcia Manufacturing Company had the following data: 20X1 20X2 $950,000 $640,000 December Building (net) Proceeds from sale of building $450,000 $60,000 Cost of building

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7. Garcia Manufacturing Company had the following data: 20X1 20X2 $950,000 $640,000 December Building (net) Proceeds from sale of building $450,000 $60,000 Cost of building purchased during the year $790,000 Gain on sale of building What is the amount of depreciation expense recorded for the year ended December 31, 20X2? A. $310,000 B. $450,000 C. $90,000 D. $390,000

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