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Entity D purchased equipment at a cost of $520,000 in January 2022. As of January 1, 2024, depreciation of $104,000 had been recorded on this equipment. Depreciation expense for 2024 is $52,000. After the adjustments are recorded and posted on December 31, 2024, what are the balances for the Equipment and Accumulated Depreciation accounts? Equipment Accumulated Depreciation $364,000 $-0- $520,000 $156,000 $520,000 $ 52,000 $520,000 $ 88,000

Entity D purchased equipment at a cost of $520,000 in January 2022. As of January 1,2024, depreciation of $104,000 had been recorded on this equipment. Depreciation expense for 2024 is $52,000. Afer the adjustments are recorded and posted on December 31,2024 , what are the balances for the Equipment and Accumulated Depreciation accounts? Equipment Accumulated Depreciation $364,000$520,000$520,000$520,000$0$156,000$52,000$88,000