Question - On January 1, 2013, Hilton Company purchased equipment for $300,000, and installation and testing costs totaled $35,000. The equipment has an estimated useful life of 10 years and an estimated salvage value of $25,000. If Hilton uses the straight-line depreciation method, What is the depreciation expense for 2013?
If the equipment were purchased on July 1, 2013 and Hilton used double declining balance method, what would be the depreciation expense for 2013?
If a company sells equipment costing $50,000 with accumulated depreciation of $15,000 for $40,000, what is the gain realized?