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A company began the year with Property and Equipment costing $680,000 and accumulated depreciation of $120,000. The only change affecting the long-lived assets account during the year is the $55,000 of depreciation expense that must be recorded for the year. What is the amount of Property and Equipment, net, to be reported on the balance sheet at the end of the year

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Answer:

$505,000

Explanation:

Data provided as per the question

Cost = $680,000

Accumulated depreciation =$120,000

Depreciation  = $55,000

The computation of amount to be reported at end of year is given below:-

Amounted to be reported at end of year = (Cost - Accumulated depreciation)-Depreciation

= ($680,000 - $120,000) - $55,000

= $560,000 - $55,000

= $505,000

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