on its december 31 prior year balance sheet, calgary industries reports equipment of $550,000 and accumulated depreciation of $92,000. during the current year, the company plans to purchase additional equipment costing $98,000 and expects depreciation expense of $48,000. additionally, it plans to dispose of equipment that originally cost $60,000 and had accumulated depreciation of $7,400. the balances for equipment and accumulated depreciation, respectively, on its december 31 current year budgeted balance sheet are:
