Victory company purchases office equipment at the beginning of the year at a cost of $15,000. the machine is depreciated using the straight-line method. the machine's useful life is estimated to be 7 years with a $1,000 salvage value. the journal entry to record the first year's depreciation is:

Randall's, inc. has 20,000 shares of stock outstanding with a par value of $1.00 per share. the market value is $12 per share. the balance sheet shows $42,000 in the capital in excess of par account, $20,000 in the common stock account, and $50,500 in the retained earnings account. the firm just announced a 5 percent (small) stock dividend. what will the balance in the retained earnings account be after the dividend?