On its December 31, 2017, balance sheet, Calgary Industries reports equipment of $395,000 and accumulated...
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On its December 31, 2017, balance sheet, Calgary Industries reports equipment of $395,000 and accumulated depreciation of $79,000. During 2018, the company plans to purchase additional equipment costing $85,000 and expects depreciation expense of $32,500. Additionally, it plans to dispose of equipment that originally cost $44,500 and had accumulated depreciation of $6,100. The balances for equipment and accumulated depreciation, respectively, on the December 31, 2018 budgeted balance sheet are:
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