ACC 560 Something Great /uophelp.com ACC 560 Something Great /uophelp.com | Page 58

Date Credit
Equipment
Balance
Debit
Jan. 1 Balance 160,000
July 31 Purchase of equipment 70,000 230,000
Sept. 2
Cost of equipment constructed
53,000
283,000
Nov. 10
Cost of equipment sold
49,000
234,000
Accumulated Depreciation— Equipment
Date Credit
Balance
Debit
Jan.
1
Balance
71,000
Nov. 10
Accumulated depreciation on equipment sold
30,000
41,000
Dec.
31
Depreciation for year
28,000
69,000
Retained Earnings
Date Credit
Balance
Debit
Jan. 1 Balance 105,000