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Calculate the gain or loss on the sale

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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: __________

Reference no: EM131759782

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