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What is the gain or loss from the disposal on July

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Question - The company bought equipment on Jan. 1, 2021, for $5,000,000. The equipment is expected to be used for ten years and its residual value is estimated to be $400,000. Penguin expects to use this equipment for 2,000 hours in 2021; 4,000 hours annually in 2022-2025; 3,000 hours annually in 2026-2030; and 500 hours annually in 2031. Penguin sold the equipment on July 31, 2023, for $3,000,000.

If Penguin uses the units-of-production method for depreciation, what is the depreciation expense for 2021?

If Penguin uses double-declining-balance method for the depreciation, what is the net book value of the equipment on December 31, 2022? Round to the nearest dollar.

If Penguin uses double-declining-balance method for depreciation, what is the gain or loss from the disposal on July 31, 2023? Round to the nearest dollar.

If Penguin uses the straight-line method for depreciation, what is the gain or loss from the disposal on July 31, 2023? Round to the nearest dollar.

Reference no: EM132955251

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