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The property and equipment section of the Potterville Inns balance sheet reflects the following after its second year of operation on December 31, 2018: Land
The property and equipment section of the Potterville Inns balance sheet reflects the following after its second year of operation on December 31, 2018:
Land $200,000
Equipment $60,000
Accumulated Depreciation (20,000)
Net Property and Equipment $240,000
The inn depreciates its equipment as follows:
Equipment six-year life, $0 residual value, straight-line depreciation.
Determine the amount of depreciation expense for 2019.
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