What is the amount of depreciation expenses

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Problem - Assume that during the fiscal year of 2020, MGCR Corp purchased $1,000-worth land, which was the only transaction with respect to Property Plant and Equipment during that ?scal year. Also, assume that MGCR Corp strictly follows the historical cost principle when determining the value of Property Plant and Equipment at the end of each year. What is the amount of depreciation expenses that should be recognized on the income statement for the year ended on December 31, 2020?

Reference no: EM132835459

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