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Compute the gain or loss

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Question - Pollyanna Publishing, a textbook publishing firm, purchased a new machine for $80,000. This machine is expected to operate for 10 years, after which it will be sold for salvage value (estimated to be $8,000).

A. How much will the first and second year's depreciation expense be under the double-declining-balance method?

B. How much will the first and second year's depreciation expense be under the straight line method?

C. If the machine has been depreciated using the double-declining balance method and had sold after 3 years, compute the gain or loss if its sales price is $43,000.

D. Prepare the journal entry for the sale of the machine in C.

Reference no: EM132963436

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