Question: Jones Company acquired equipment on 1-01-12 at a cost of $820,000. It estimated a residual value of $46,000. Annual depreciation expense is $51,600 using the straight-line method. Compute the following:
Book value of the equipment on 12-31-16 (5 years later) __________
Jones sold the equipment on 8-01-17 for $650,000. Compute the following:
Depreciation expense in 2017: __________
Gain or loss on the sale: __________