On January 1, Year 1, Florist Gump, Inc., bought machinery at a cost of $1,000 with a salvage value of $800 and useful life of 5 years. Calculate Depreciation Expense on the income statement for December 31, Year 2, assuming the straight-line method is used.

Knife Edge Company purchased tool sharpening equipment on July 1, 20Y5, for $16,200. The equipment was expected to have a useful life of three years and a residual value of $900. Instructions: a.  Determine the amount of depreciation expense for the years ended December 31, 20Y5, 20Y6, 20Y7 and 20Y8 by the straight-line method.   Depreciation Expense 20Y5 $fill in the blank 1 20Y6 $fill in the blank 2 20Y7 $fill in the blank 3 20Y8 $fill in the blank 4 b.  Determine the amount of depreciation expense for the years ended December 31, 20Y5, 20Y6, 20Y7 and 20Y8 by the double-declining-balance method. Round the double-declining-balance depreciation rate to six decimal places and round your final answers to the nearest whole dollar.   Depreciation Expense 20Y5 $fill in the blank 5 20Y6 $fill in the blank 6 20Y7 $fill in the blank 7 20Y8 $fill in the blank 8

Sale of Equipment Equipment was acquired at the beginning of the year at a cost of $587,500. The equipment was depreciated using the straight-line method based on an estimated useful life of 9 years and an estimated residual value of $41,420. a. What was the depreciation for the first year? Round your answer to the nearest cent. 2$ b. Using the rounded amount from Part a in your computation, determine the gain or loss on the sale of the equipment, assuming it was sold at the end of year eight for $97,086. Round your answer to the nearest cent. Enter your answer as a positive amount. c. Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Round your answers to the nearest cent.

Equipment was acquired at the beginning of the year at a cost of $78,840. The equipment was depreciated using the straight-line method based upon an estimated useful life of 6 years and an estimated residual value of $7,860. a.  What was the depreciation expense for the first year?$fill in the blank 4b6aeefb5057020_1 b.  Assuming the equipment was sold at the end of the second year for $59,600, determine the gain or loss on sale of the equipment.$fill in the blank 4b6aeefb5057020_2       c.  Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank or enter "0".     - Select - - Select -     - Select - - Select -     - Select - - Select -     - Select - - Select -