City Taxi Service purchased a new auto to use as a taxi on January 1, 2018, for $22,900. In addition, City paid sales tax and title fees of $1,430 for the vehicle. The taxi is expected to have a five-year life and a salvage value of $6,450. Using the straight-line method, compute the depreciation expense for 2018 and 2019. Assume the van was sold on January 1, 2020, for $19,755. Determine the amount of gain or loss that would be recognized on the asset disposal.

On January 2, 2023, Lotus Spa purchased fixtures for $57,600 cash, expecting the fixtures to remain in service for nine years. Lotus Spa has depreciated the fixtures on a straight-line basis, with $9,000 residual value. On April 30, 2025, Lotus Spa sold the fixtures for $39,500 cash. Record both depreciation expense for 2025 and sale of the fixtures on April 30, 2025. (Assume the modified half-month convention is used. Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Apr. 30 Accounts and Explanation Debit Credit Before recording the sale of the fixtures, let's calculate any gain or loss on the sale of the fixtures. (Enter a loss with a minus sign or parentheses.) Fair value of assets received Less: Book value of asset disposed of Cost Less: Accumulated Depreciation Gain or (Loss) Now, record the sale of the fixtures on April 30, 2025. Date Apr. 30 Accounts and Explanation Debit Credit

Concord Corporation purchased a delivery truck for $36,800 on January 1, 2020. The truck has an expected salvage value of $1,800, and is expected to be driven 100,000 miles over its estimated useful life of 8 years. Actual miles driven were 13,500 in 2020 and 13,000 in 2021.     Calculate depreciation expense per mile under units-of-activity method. (Round answer to 2 decimal places, e.g. 0.50.) Depreciation expense   $enter Depreciation expense per mile rounded to 2 decimal paces   per mile

On January 2, 2018, Lapar Corporation purchased a machine for $50,000. Lapar paid shipping expenses of $500, as well as installation costs of $1,200. The company estimated that the machine would have a useful life of 10 years and a residual value of $3,000. On January 1, 2019, Lapar made additions costing $3,600 to the machine in order to comply with pollution-control ordinances. These additions neither prolonged the life of the machine nor increased the residual value. 1. If Lapar records depreciation expense under the straight-line method, how much is the depreciation expense for 2019? 2. Assume Lapar determines the machine has three significant components as shown below. Component Amount Service Life Salvage Value $25,000 10 years $3,000 15,000 5 years 11,700 3 years If Lapar uses IFRS, what is the amount of depreciation expense that would be recorded? A B с 0 0