Grove Corp.purchased equipment at a cost of $260,000 in January, 2012.As of January 1, 2016, depreciation of $88,000 had been recorded on this asset.Depreciation expense for 2016 is $22,000.After the adjustments are recorded and posted at December 31, 2016.What are the balances for the Depreciation Expense and Accumulated Depreciation? $\begin{array}{lc}
\underline{\text { Depreciation Expense }}& \underline{\text { Accumulated Depreciation}} \
\text { a. } \$ 22,000 & \$ 110,000 \
\text { b. } \$ 22,000 & \$ 88,000 \
\text { c. } \$ 110,000 & \$ 110,000 \
\text { d. } \$ 110,000 & \$ 88,000
\end{array}$

Question

Grove Corp.purchased equipment at a cost of $260,000 in January, 2012.As of January 1, 2016, depreciation of $88,000 had been recorded on this asset.Depreciation expense for 2016 is $22,000.After the adjustments are recorded and posted at December 31, 2016.What are the balances for the Depreciation Expense and Accumulated Depreciation? ​​ $\begin{array}{lc}
\underline{\text { Depreciation Expense }}& \underline{\text { Accumulated Depreciation}} \
\text { a. } \$ 22,000 & \$ 110,000 \
\text { b. } \$ 22,000 & \$ 88,000 \
\text { c. } \$ 110,000 & \$ 110,000 \
\text { d. } \$ 110,000 & \$ 88,000
\end{array}$

Quizplus · Accepted Answer

The Answer of Grove Corp.purchased equipment at a cost of $260,000 in January, 2012.As of January 1, 2016, depreciation of $88,000 had been recorded on this asset.Depreciation expense for 2016 is $22,000.After the adjustments are recorded and posted at December 31, 2016.What are the balances for the Depreciation Expense and Accumulated Depreciation? ​​ $\begin{array}{lc}
\underline{\text { Depreciation Expense }}& \underline{\text { Accumulated Depreciation}} \
\text { a. } \$ 22,000 & \$ 110,000 \
\text { b. } \$ 22,000 & \$ 88,000 \
\text { c. } \$ 110,000 & \$ 110,000 \
\text { d. } \$ 110,000 & \$ 88,000
\end{array}$