xyz reported balances in the accumulated depreciation account of 130 000..., Accounting Skills (Cash Flow), Finance And Accounting

Question:XYZ reported balances in the Accumulated Depreciation account of $130,000 on 01/01/07 and $120,000 on 12/31/07. During 2007, an asset costing $100,000 (with an accumulated depreciation of $80,000) was sold for $20,000.

Given this data, the depreciation expense for 2007 was _____________.

A $10,000 
B $90,000 
C $110,000 
D $70,000

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Question:XYZ reported balances in the Accumulated Depreciation account of $130,000 on 01/01/07 and $120,000 on 12/31/07. During 2007, an asset costing $100,000 (with an accumulated depreciation of $80,000) was sold for $20,000. Given this data, the depreciation expense for 2007 was _____________.

A $10,000

B $90,000

C $110,000

D $70,000

B