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On its December 31 prior year balance sheet, Calgary Industries reports equipment of $540.000 and...

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Accounting

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On its December 31 prior year balance sheet, Calgary Industries reports equipment of $540.000 and accumulated depreciation of $91.000. During the current year, the company plans to purchase additional equipment costing $97.000 and expects depreciation expense of $47,000. Additionally, it plans to dispose of equipment that originally cost $59.000 and had accumulated depreciation of $7,300. The balances for equipment and accumulated depreciation, respectively, on its December 31 current year budgeted balance sheet are: Multiple Choice $481,000,$91,000 $637,000:$130,700. $637.000:$138.000 $578,000:$138,000 $578.000:$130.700

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