On its January 1, 2016, balance sheet, Calvin Company reported equipment of $60,000 and accumulated depreciation of $20,000. During 2016, Calvin sold equipment with an original cost of $5,000. Selected information from Calvin's
2016 statement of cash flows follows: 
Required:
Compute the amount of equipment and accumulated depreciation that should appear on Calvin's December 31, 2016, balance sheet.
Definitions:
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