1. Paxton Office Supply Company purchased equipment for $80,000. Depreciation Expense for the month is $1,600. What is the balance of the Equipment account after posting the depreciation entry? (80000 or 1600?

2. On the report form balance sheet, the liabilities and owner's equity are listed to the right of the assets. On the account form, the liabilities and owner's equity are listed under the assets.

(True or False?)