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Jones Construction Company purchased new equipment on January 1, 2012 for $320,000. The equipment has a 10 year useful life and $0 salvage value. Jones

Jones Construction Company purchased new equipment on January 1, 2012 for $320,000. The equipment has a 10 year useful life and $0 salvage value. Jones uses the straight line depreciation method. Jones prepares yearly financial statements on December 31, 2012.

1. Record the adjusting entry for depreciation on December 31, 2012.

2. What is the book value of the equipment on December 31, 2014?

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