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Problem 1: Crank Company purchased a delivery van on January 1, 20x1, for 525,500. The equipment is expected to remain in service 5 years (or 100,000 miles) and has a residual value of $500. The van traveled 30000 miles in 20x1, 25,000 miles in 20x2, and 22,500 miles in 20x3 and 20x4. Assume Crank used straight line depreciation. On March 31, 20x3, Crank sold the van for SI 5,000. What is the gaiMoss recognized on the sale of the van?
Option 1: 43.7501 Loss
Option 2: $1,250 gain
Option 3: $3.750 gain
Option 4: 5750 gain
Option 5: ($10,500) loss
Problem 2: Crank Company purchased a delivery van on January 1, 20x1, for $25,500. The equipment is expected to remain in service 5 years (or 100.000 miles) and has a residual value of $500 the van traveled 30000 miles in 20x1, 25,000 miles in 20x2. and 22,500 miles in 20x3 and 20x4. The amount of depreciation expense in 20x2 using the doubk declining method
Option 1: $6,120
Option 2: 4.080
Option 3: 1 6,320
Option 4: 37,650
Option 5: 56,000
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