, HILPA DD NNE, AICPA FN: Reporting, AICPA PC: Problem solving 118. On January 1, 2009, Grills and Grates Inc. purchased equipment for $30,000. The company is depreciating the equipment at the rate of $400 per month. At January 31, 2010, the balance in Accumulated Depreciation is = 13 months a. $400. b. $4,800. C. $5,200. d. $24,800. Ans:e, SO 5, BT: AP. Difficulty: Medium, TOT: 4 min., AACSB: Analytic, AICPA BB: None, AICPA FN: Reporting, AICPA PC: Problem solving On January 1, 2010, Masters and Masters Company purchased equipment for $30,000. The company is depreciating the equipment at the rate of $700 per month. The book value of the equipment at December 31, 2010 is = 12 months a. $0. b. $8,400. c. $21,600. d. $30,000 119