Grove Corp

question 93

Short Answer

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? ​​ $\begin{array}{lc}\underline{\text { Depreciation Expense }}& \underline{\text { Accumulated Depreciation}} \\\text { a. } \$ 22,000 & \$ 110,000 \\\text { b. } \$ 22,000 & \$ 88,000 \\\text { c. } \$ 110,000 & \$ 110,000 \\\text { d. } \$ 110,000 & \$ 88,000\end{array}$

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