Grove Corp.purchased equipment at a cost of $260,000 in January,2010.As of January 1,2014,depreciation of $88,000 had been recorded on this asset.Depreciation expense for 2014 is $22,000.After the adjustments are recorded and posted at December 31,2014,what are the balances for the Depreciation Expense and Accumulated Depreciation? Depreciation Expense Accumulated Depreciation

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The depreciation expense for 2014 is $22,000. The accumulated depreciation as of January 1, 2014, was $88,000. Adding the 2014 depreciation expense to the accumulated depreciation gives $88,000 + $22,000 = $110,000.