Questions -
Q1. Prinkle Corporation had purchased equipment for $50,000 on January 1, 2015. On December 31, 2017, the corporation sold the equipment for $23,000. Accumulated Depreciation as of December 31, 2017 was $25,000. Calculate gain or loss on sale.
Q2. On July 31, 2015, Colora Printers purchased a printer for $50,000. It expects the printer to last for four years and has a residual value of $2,000. Compute the depreciation expense on the printer for the year ended December 31, 2015, using the straight-line method.