Rocket Corp. purchashed equipment at a cost of $500,000 in January, 2000. As of January 1, 2004, depreciation of $120,000 had been recorded on this asset. Depreciation expense for 2004 is $30,000. After the adjustments are recorded and posted at December 31, 2004, what are the balances for Equipment and Accumulated Depreciation? Question 13Select one: a. Equipment = $350,000 Accumulated Depreciation = $-0- b. Equipment =$120,000 Accumulated Depreciation = $30,000 c. Equipment = $500,000 Accumulated Depreciation = $30,000 d. Equipment = $500,000 Accumulated Depreciation = $150,000