Remaz Corp.purchased equipment at a cost of $220,000 in January, 2015.As of January 1, 2016, depreciation of $160,000 had been recorded on this asset.Depreciation expense for 2014 is $50,000.After the adjustments are recorded and posted at December 31, 2016, what are the balances for the Equipment and Accumulated Depreciation? $\begin{array}{lc}
\underline{\text { Equipment }}& \underline{\text { Accumulated Depreciation }} \
\text { a. } \$ 220,000 & \$ 210,000 \
\text { b. } \$ 220,000 & \$ 0 \
\text { c. } \$ 160,000 & \$ 50,000 \
\text { d. } \$ 120,000 & \$ 210,000
\end{array}$

Question

Remaz Corp.purchased equipment at a cost of $220,000 in January, 2015.As of January 1, 2016, depreciation of $160,000 had been recorded on this asset.Depreciation expense for 2014 is $50,000.After the adjustments are recorded and posted at December 31, 2016, what are the balances for the Equipment and Accumulated Depreciation? ​​ $\begin{array}{lc}
\underline{\text { Equipment }}& \underline{\text { Accumulated Depreciation }} \
\text { a. } \$ 220,000 & \$ 210,000 \
\text { b. } \$ 220,000 & \$ 0 \
\text { c. } \$ 160,000 & \$ 50,000 \
\text { d. } \$ 120,000 & \$ 210,000
\end{array}$

Quizplus · Accepted Answer

The Answer of Remaz Corp.purchased equipment at a cost of $220,000 in January, 2015.As of January 1, 2016, depreciation of $160,000 had been recorded on this asset.Depreciation expense for 2014 is $50,000.After the adjustments are recorded and posted at December 31, 2016, what are the balances for the Equipment and Accumulated Depreciation? ​​ $\begin{array}{lc}
\underline{\text { Equipment }}& \underline{\text { Accumulated Depreciation }} \
\text { a. } \$ 220,000 & \$ 210,000 \
\text { b. } \$ 220,000 & \$ 0 \
\text { c. } \$ 160,000 & \$ 50,000 \
\text { d. } \$ 120,000 & \$ 210,000
\end{array}$