Claxton Corp.purchased equipment at a cost of $320,000 in January, 2010.As of January 1, 2014, depreciation of $160,000 had been recorded on this asset.Depreciation expense for 2014 is $40,000.After the adjustments are recorded and posted at December 31, 2014, what are the balances for the Equipment and Accumulated Depreciation?

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The Answer of Claxton Corp.purchased equipment at a cost of $320,000 in January, 2010.As of January 1, 2014, depreciation of $160,000 had been recorded on this asset.Depreciation expense for 2014 is $40,000.After the adjustments are recorded and posted at December 31, 2014, what are the balances for the Equipment and Accumulated Depreciation?