On January 1, Martin Company paid $56,500 to purchase a large piece of equipment that will last 5 years.

Required:

1.How much is depreciated by the end of the first year?

2.What will be thebook valueof theequipmentat the end of the first year, after the adjusting entries have been prepared and posted?

Note: Usestraight-line depreciationand nosalvage value.

1. Amount depreciated :$

2. Book value of the equipment :$