Question 23 (1 point) The following is the statement of financial position for MGCR Corp. The company has a December 31 fiscal year end date. As at Cash And Cash Equivalents Accounts Receivables Inventory Prepaid expenses Total Current Assets Long Term Investments Property Plant and Equipment, net Goodwill Intangible Assets Other Assets Dec 31, 2020 263 372 107 2,004 2,746 2,392 3,477 636 4,497 5,970 Dec 31, 2019 153 215 87 23 478 594 5,609 1,591 1,924 3,073 19,718 13,269 582 370 663 145 46 Total Assets Accounts Payable Current Portion of Long Term Debt Advanced Deposits from Customers Total Current Liabilities Long Term Debt Total Liabilities Common Stock Retained Earnings Total Shareholder Equity 1,291 10,619 11,910 7,000 808 11 526 6,854 7,380 5,000 889 7,808 5,889 23. On January 1, 2020, MGCR Corp received $1,200 cash when it sold a piece of Equipment with the net carrying amount of $1,000. On July 1, MGCR Corp paid $1,500 cash in order to purchase land. MGCR Corp strictly follows the historical cost principle when determining the book value of Property Plant and Equipment at the end of each year. What is the amount of depreciation expenses that should be recognized on the income statement for the year ended on December 31, 2020