Reference no: EM132517604
Question 1: On its December 31, 2017, balance sheet, Calgary Industries reports equipment of $370,000 and accumulated depreciation of $74,000. During 2018, the company plans to purchase additional equipment costing $80,000 and expects depreciation expense of $30,000. Additionally, it plans to dispose of equipment that originally cost $42,000 and had accumulated depreciation of $5,600. The balances for equipment and accumulated depreciation, respectively, on the December 31, 2018 budgeted balance sheet are:
Multiple Choice
Option 1: $328,000; $74,000.
Option 2: $450,000; $98,400.
Option 3: $450,000; $104,000.
Option 4: $408,000; $104,000.
Option 5: $408,000; $98,400.
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