Sharp Inc. purchased equipment at a cost of $700,000 in January, 2003. As of January 1, 2012, depreciation of $315,000 had been recorded on this asset. Depreciation expense for 2012 is $35,000. After the adjustments are recorded and posted at December 31, 2013, what are the balances of Equipment and Accumulated Depreciation?

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The Answer of Sharp Inc. purchased equipment at a cost of $700,000 in January, 2003. As of January 1, 2012, depreciation of $315,000 had been recorded on this asset. Depreciation expense for 2012 is $35,000. After the adjustments are recorded and posted at December 31, 2013, what are the balances of Equipment and Accumulated Depreciation?

Sharp Inc Purchased Equipment at a Cost of $700,000 in January