Question

assuming that best buy did not sell any property, plant, and equipment in the current year, what was the amount of depreciation expense recorded during the current year?

Answer 1

Assuming that Best Buy did not sell any property, plant, or equipment in the current year we can find the value or amount of depreciation recorded during the current year in the following manner.

• Amount of depreciation expense recorded in the current year= Accumulated depreciation of current year - Accumulated depreciation of the previous year

Depreciation in accounting can be defined as the reduction in the monetary value or the physical value of the asset over time of a product due to various factors like wear and tear, expiration of legal rights in some assets, or technological advancements in some areas or due to some unforeseen circumstances like accidents.

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