Answer Happy

4) date placed in service: cost: useful life: sales price date sold: 7/1/22 $24,000 3 yrs $1,000 12/31/26 a) What is the depreciation expense for yr 1 using the straight-line method? b) What is yr 1 depreciation expense using the double declining balance method? What is the depreciation expense for yr 6 using the straight-line method? 5) date placed in service: cost: useful life: sales price date sold: 4/1/22 $500,000 10 yrs $10,000 12/31/47 a) What is the depreciation expense for yr 1 using the straight-line method? 1 b) What is the balance in the accumulated depreciation account on 12/31/2023? c) Calculate any gain or loss when the fixed asset is sold 5) 1/1/22 $1,200,000 date placed in service: cost: useful life: sales price date sold: 10 yrs $100,000 12/31/30 a) Calculate any gain or loss when the fixed asset is sold. b) What is the balance in the accumulated depreciation account on 12/31/2028? Assume the fixed asset was sold for $5,000 on 12/31/2036, calculate the gain or loss on the sale. MacBc