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?

Question

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?
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?