On January 1, 2022, Wheeler Inc purchases a building for $800,000 and places it into service. When Wheeler Inc records depreciation on the building on December 31, 2022, it will increase depreciation expense and

Question

On January 1, 2022, Wheeler Inc purchases a building for $800,000 and places it into service. When Wheeler Inc records depreciation on the building on December 31, 2022, it will increase depreciation expense and
a. increase accumulated depreciation
b. decrease the asset, Building
c. decrease cash
d. increase accounts payable.

GPT 3.5 · Answer

a. increase accumulated depreciation