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16.Computer equipment was acquired at the beginning of the year at a cost of $50,200....

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Accounting

16.Computer equipment was acquired at the beginning of the year at a cost of $50,200. It had an estimated residual value of $4,300 and an estimated useful life of five years. Determine the (a) depreciable cost, (b) straight-line rate, and (c) annual straight-line depreciation.
a. Depreciable cost
$
b. Straight-line rate
%
c. Annual straight-line depreciation
$
17.Equipment was acquired at the beginning of the year at a cost of $78,660. The equipment was depreciated using the straight-line method based on an estimated useful life of six years and an estimated residual value of $7,920.
Required:
(a)
What was the depreciation expense for the first year?
(b)
Assuming the equipment was sold at the end of the second year for $59,486, determine the gain or loss on sale of the equipment.
(c)
Journalize the entry to record the sale. Refer to the Chart of Accounts for exact wording of account titles

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