On January 1, 2020, Fiscus Company purchased equipment costing $90,000. Fiscus records depreciation expense for the equipment at the rate of $1,000/month. What is the credit balance in FIscus Company's accumulated depreciation account for this equipment at December 31, 2020

the credit balance in FIscus Company's accumulated depreciation account for this equipment at December 31, 2020 is $120,000

Explanation:

The computation of the credit balance is shown below:

= Depreciation expense per month × number of months

= $1,000 × 12 months

= $120,000

Hence, the credit balance in FIscus Company's accumulated depreciation account for this equipment at December 31, 2020 is $120,000

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