XYZ, Inc. purchased an office building on October 1, 2020, that was put on the books at $800,000. The building is expected to be used for 35 years and at the end of the 35 years will be sold for an estimated selling price of $100,000. XYZ closes its books at the end of every calendar year. XYZ, Inc. uses the straight-line method of depreciation. Based on this information, which of the following is correct?
a. Depreciation Expense at 12/31/20 is $20,000.
b. Accumulated Depreciation at 12/31/20 is $20,000
c. Depreciation Expense at 12/31/2021 is $5,000
d. Accumulated Depreciation at 12/31/21 is $25,000
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