The Following Are Relevant Account Balances from Hampton's Comparative Balance

question 41

Essay

The following are relevant account balances from Hampton's comparative balance sheet and 2017 income statement. Hampton's balance sheets:
$$\begin{array}{l}\begin{array} { | l | l | l | } \hline &\text { December } 31,2017 & \text { January } 1,2017 \\\hline\text { Cash } & \$ 6,000 & \$ 9,000 \\\text { Accounts receivable } & 8,000 & 12,000 \\\text { Merchandise irventory } & 29,000 & 18,000 \\\text { Prepaid rent } & 6,000 & 4,000 \\\text { Equipment } & 100,000 & 8000 \\\text { Accumulated depreciation } & ( 28,000 ) & ( 13,000 ) \\\text { Tatal assets } & \$ 121,000 & \$ 110,000 \\& & \\\text { Accounts payable } & \$ , 000 & \$ 25,000 \\\text { Dividends payable } & 6,000 & 4,000 \\\text { Cammon stock } & 38,000 & 32,000 \\\text { Retained earnings } & 68,000 & 49000 \\\text { Total liabilities and shareholders' equity } & \$ 121,000 & \$ 110,000\\\hline\end{array}\end{array}$$
Other information:
No equipment was sold or retired during 2017. Hampton's net income for 2017 was $33,000.
Determine the cost of the equipment purchased during 2017.