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Axis Corporation Purchased Equipment at a Cost of $100,000 in January

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Axis Corporation purchased equipment at a cost of $100,000 in January, 2003. As of January 1, 2012, depreciation of $45,000 had been recorded on this asset. Depreciation expense for 2012 is $5,000. After the adjustments are recorded and posted at December 31, 2012, what are the balances for the Depreciation Expense and Accumulated Depreciation? Axis Corporation purchased equipment at a cost of $100,000 in January, 2003. As of January 1, 2012, depreciation of $45,000 had been recorded on this asset. Depreciation expense for 2012 is $5,000. After the adjustments are recorded and posted at December 31, 2012, what are the balances for the Depreciation Expense and Accumulated Depreciation?

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