Determine depreciation expense for year one

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Reference no: EM13508910

Use the following information to answer questions 1-5.

A pressurized spray painter was purchased on April 1 of the fiscal year for $3,900. It has a useful life of 4 years, and a residual value of $300.

1. Determine depreciation expense for year one using the straight-line method. 
$300
$3900
$600
$675


2. Determine depreciation expense for year one using the double-declining-balance method. 
$3900.00
$1462.50
$2437.50
$1500.00


3. Determine depreciation expense for two using the straight-line method. 
$300
$3900
$600
$900


4. Determine depreciation expense for year two using the double-declining-balance method. 
$1218.75
$3900
$2437.50
$1500.00


5. If the equipment is sold at the end of year one for $3225, what will be the gain or loss on the sale, assuming that the company used the straight line method of depreciation. 
$1000
$100
$2225
$0

Reference no: EM13508910

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