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The Lowell Merchandising Corporation purchased $240,000 of display equipment on January 1, 2009. The equipment was expected to have a six year useful life, after which it could be sold for $18,000.

For the year ended December 31, 2009, the Lowell Merchandising Corporation reported display equipment depreciation expense of $40,000. For the year ended December 31, 2010, the Lowell Merchandising Corporation reported display equipment depreciation expense of $30,000.

Calculate the dollar amount the Lowell Merchandising Corporation would report in its accumulated depreciation, display equipment account on December 31, 2009.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9985926

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