Jones construction company purchased new equipment on January 1, 2020 for $340,000. The equipment has a 10-year estimated useful life and $50,000 estimated salvage (residual) value. Jones uses the straight line depreciation method. Jones prepares annual financial statements on December 31, 2020.

1. record the adjusting entry for depreciation on December 31, 2020

2. what is the book value of the equipment on December 31, 2022