Net Income for Trent Company for 2011 Includes the Effect

Multiple Choice

Net income for Trent Company for 2011 includes the effect of the following transactions involving the sale of fixed assets:

Purchases of fixed assets during 2011 amounted to $340,000. The Accumulated Depreciation account increased $40,000 during 2011. How much was depreciation expense for 2011?

A) $217,000
B) $270,000
C) $40,000
D) $32,000