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?

Question

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?
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?

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The Answer of 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?