Questions -
Q1. During 2010, Noller Co. sold equipment that had cost $98,000 for $58,800. This resulted in a gain of $4,300. The balance in Accumulated Depreciation-Equipment was $325,000 on January 1, 2010, and $310,000 on December 31. No other equipment was disposed of during 2010. Depreciation expense for 2010 was?
Q2. On January 1, 2010, the Accumulated Depreciation-Machinery account of a particular company showed a balance of $370,000. At the end of 2010, after the adjusting entries were posted, it resulted balance of $395,000. During 2010, one of the machines which cost $125,000 was sold for $60,500 cash. This resulted in a loss of $4,000. Assuming that no other assets were disposed of during the year, how much was depreciation expense for 2010?